It depends on the exchange. We've all seen what FTX turned into from one of the most reputable exchanges to going awol. Even the best exchanges make mistakes and disappear for a variety of reasons. When that happens their coins turn into garbage. Currently Binance appears to be the largest exchange and BNB has really paid off for its early investors. CZ seems to be untouchable in the market, but we all know what will happen to Binance if something happens to him. Don't trust anything about centralized exchanges much.
That's absolutely right, these exchanges launch a token which seems to replace trading fees in fiat money where they hold majority of the distribution launch it in DEX and get profited, While these exchanges work better due to flexibility and the speed of executing millions of orders a sec that doesn't mean they can confidently launch a centralized token and force its users to use it in their services, while many take bet on holding these exchange tokens, while we all know what happened to FTX, in the world of falling tokens like LUNA can we expect a centralized coin to not fall? Going for bitcoin is the only better option as its the perfectly decentralized hard money to hold. CZ's fame is untouchable due to the fact that binance is hugely popular and by running a POA based centralized EVM network, they are hosting thousands of "D"Apps which are not "D"ecentralized and running on a centralized coin. Satoshi left bitcoin for a reason that a decentralized people's network shouldn't be influenced by a single/group of persons that hold authority or creator affiliation to it, while we can see a lot of individuals making blockchains for public good but claiming the authorship or influence to it. Bad world, bad ethics, bad ethos, wonder what would satoshi think of the world he created and how its going now.