No, the above program formats the cards into FAT32 format. Most cards larger than 32GB do indeed come preformated in exFAT format, but it is not required to use exFAT format on larger cards. They also work fine with FAT32.
I go into the details a bit more thoroughly here:
I was suggesting formatting your card to FAT32 because you were having problems getting the card to function properly on exFAT for some reason. While it seems to work fine for most people, some people have experienced issues with exFAT, and in almost every case, if they formatted the card to FAT32, it almost always resolved the problems they were experiencing. More than half of my cards larger than 32GB (most of them 128GB) in my cameras are using FAT32 format, but some of them are using exFAT. Both work for me, but whenever someone says they are having troubles with a card on exFAT, I suggest switching to FAT 32 and it almost always resolves their issue. But yes, officially both formats are supported with Wyze now. If you really want to keep it on exFAT, maybe try telling the camera to reformat the card and see if it will do more than 30GB after that.