Problem with this theory is that you may not always find hobbies that are equivalent to good workout. I.e. walking will not get your heart rate up.
It will if you walk up hills.
Even walking a few miles a day in flat areas is still good exercise; getting yourself outside and moving is a very good start.
I think walking to work or class is also good for thinking and getting your brain working.
Walking/hiking in nature is also great if you are near a trail of some sort.
But now that gyms are closed (I wouldn't go if they were open anyway), I don't have a good substitute. And bodyweight exercises take significantly longer to get the same "pump".
At the gym, I'm forced to get through the workout. At home, it's so easy to hop on the laptop during breaks between sets and get distracted.