Not if you use an exchange for transactions though. A lot of persons still make the huge mistakes of leaving huge amounts of exchanges. Most times its because they want to trade with it or were using it in active trading, wants to swap and to preferred altcoins so they can use it for various purposes and more.
Exchanges can actually regulate how much you can send depending on your level of KYC. Using exchanges wouldnt allow you the many freedom a Bitcoin enthusiasts who uses non custodial wallet enjoys.
When it comes to security, all have their own level of security, Exchange Tier 1 currently implements several layers of security for user accounts
and provides Safe Funds that are indeed used for unwanted events such as the hack that occurred on many major exchanges recently.
The exchange cannot be used as the main repository, it is only a trading place and for users who have a personal wallet, they can now also use DEXs to conduct trades and several other crypto activities.
But keep in mind never use the main wallet to connect to any Dapps, because there is a big risk in the event of a hack.