Articles like this are honestly just misleading. Most of these studies "proving" exercise "doesn't work" for weight loss take an unrealistic approach. They look at exercise alone, with no calorie restriction. Or they look at exercise with big calorie restrictions and inadequate protein, so people invariably get the double whammy of a lowered metabolic rate (from the calorie restriction) and an even more lowered metabolic rate (from the muscle loss from the protein restriction). People in these studies don't train, meaning they don't increase the intensity of their exercise as they become fitter, so they become more efficient over time & actually burn less calories for the given amount of exercise. These articles also cite stupid things (like people believing the calorie burn estimates from exercise machines) as 'evidence' that you don't burn as much as you think.

However, following common sense works- moderately calorie-restrict your diet while not protein-restricting it, increase the intensity of your exercise over time and realistically track calories burned (power meter is helpful). That's pretty much the formula for most people & exercise is a key part of it.