After I started doing moderately long and fast bike rides (200+km/week, flat and hilly terrain, averaging 70km/ride during summer, 100+ if I have enough time), I have found that:

- compared to "not much exercise" (some periods during winter), it modulates my hunger. I do not eat more, or only proportionally.

- when the rides are longer than cca. 50km, I start losing weight (not just water, weight, sustained)

- after several days with no exercise, my hunger starts to increase again. In other words, I have to exercise to not overeat. I don't understand this effect, but it works for me, and it's been like this for many years.