There is some controversy around that that has to do with cortisol levels. In general I agree with your sentiments but if you look at the calories burned during various types of exercise it is pretty easy to see that you can't outrun your fork. If a person has the luxury of working out several hours a day it can make some difference but not nearly as much as most people think.

I think there have been plenty of people that have failed to take the weight off by going to the gym.

One thing it does do well is promote muscle weight gain which is a good thing. More is not always better though, unless a person is training for specific goals that involve sports or body building. At least that is the way it appears to me based on the research I have done.

The older we get, especially after middle age, regular exercise is important to keep muscle loss to a minimum. Also eating adequate amounts of protein. As we age our bodies naturally do not have the ability to maintain lean body mass as easy as when we were young.

John