Part of this might also be about how exercise generally leaves you feeling pretty good, usually better than after a day that is spent entirely sedentary in my experience. A lot of people crave the instant satiating feeling of eating. Eating often feels good. The exercise might then help by replacing the "make me feel better" feeling that food might give you, leading to you swapping out "unnecessary" feeding and lowering your caloric intake in the process.
My partner swears their caloric cravings increase disproportionately after workouts and feels strongly that reducing food intake has helped them maintain weight far more than exercise. There are probably some genetic components to this (according to our 23andme data, we have very different genomes).
I struggled for years to get my weight down. Then just walking every day to ensure I was at 10,000 steps managed to move the needle in a meaningful way. Over a few years that turned into running a few times a week, which turned into running daily. In the beginning I had already been counting calories and the calories I was burning walking whatever it took to get from my normal amount to 10k (varied each day) was not enough to justify the weight being lost when compared to calories consumed. It should have been much slower.