It's something I've read a few times. Most of the studies I've seen say it's effect is modest at best. At least if it was a drug there wouldn't be enough evidence for it to get FDA approval (especially with all the "side effects" such as injury)
Arguably this is a limitation on how the studies were done, as nobody is going to pay for extensive studies since you can't patent exercise.
The studies can’t really prescribe very intensive excerise either. I mean they have to take people where they are. They might have them on a treadmill for a 30 min walk and call that the excerise component of the study. No one is making them squat heavy to failure or clean and press anything. No one is running them on the track until they puke.