Ish? Yes, you can't just "run off the calories" of food, per se. That said, the more time you spend running/walking/whatever, the less time you spend eating, in many cases. That marathon, for example, is not nearly as simple as eating a burger. One takes several hours for a very fit athlete. The other is minutes for most people.
That is, it is easy to view some exercising as a substitute for some snacking. And, in that job, it works rather well. Is my hypothesis on why the simple walk around the neighborhood has outsized impact on weight loss.