Anecdotal, and I agree with you overall, but I hit the gym hard (2-3 hour jiu jitsu/MMA sessions) 4 times a week for 3 months and lost 18 lbs. I didn’t change my diet at all, though I will admit it’s possible I ended up eating less overall. But my point is I think exercise can definitely be a pretty good weight loss tool if you’re working your ass off. Just depends on the amount of exercise and the intensity etc.