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).