My experience is somewhat different. Even walking is more effective than chess presses or arm exercises for immediately reducing blood sugar.
After an hour or so of more intense aerobic exercise I find it basically impossible to avoid a hypo (low blood sugar).
Simplistically if the effect of exercise on blood glucose is roughly proportional to Volume of muscle engaged x Length of time engaged, things like running should be very effective. The bulk of your muscle is in your lower body and you’re continuously engaging it.
I suspect any decently intense exercise can have a moderate lowering effect on blood sugar levels after the immediate drop seen when you’re exercising, but the effective isn’t huge.