I think you're confusing me with the other posters, as I don't think I said anything for or against exFAT.
I don't use exFAT unless I have a device that won't accept NTFS (I think my TV doesn't). That said, personally I'd reformat that drive as NTFS which is more stable and still highly compatible with most devices. Here's a comparison between exFAT and NTFS: https://www.lifewire.com/exfat-vs-ntfs-4781790
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Agreed. Good points in that article. And personally, I've NEVER had an ExFAT drive or USB stick or sdcard go bad on me because it was ExFAT. They go bad when they go bad, regardless of filesystem.