No (practical) volume size or file size limits is a huge win for exFAT over FAT32.
If you choose to format an SD card as FAT32 because your 20 year old device doesn't support exFAT, that is entirely reasonable. Maybe a 20 year old device doesn't have much use for >4GiB files either. On the other hand, if your device does support exFAT, there isn't any reason to avoid it. The lack of file size limit should be a particular advantage (with 1080p and especially 2160p video, >4GiB files are common).
The only device I can think of that doesn't support exFAT drives and I used it at least once with an external drive is my Asus router (and it runs kernel 5.4 so it could support it, but I guess it was omitted to keep the kernel small).