No it doesn't. There are numerous tales of exchanges closing up and keeping/losing their client's money.
If you can't manage your own coins then btc is not for you, use fiat, trust the bankers[1][2] to hold your money.
[1]https://finance.yahoo.com/news/bank-america-customers-report... (January 18, 2023)
See how a ridiculous argument it is?
So yes! IT IS the fault of fiat currencies.