Yes, I know all usb sticks of 128gb are formatted with exfat by default. 32gb and smaller are fat32. I have seen mixed results with 64gb ones. This is also why most cameras and gopros say when you get a new card you must format it first.
The biggest difference is fat32 is limited to 4gb filesize, where exfat doesn't have this limit (2tb I think for a single file).
For music fat32 is going to be fine, but for videos it can get really annoying so exfat works a lot better since you don't need to split the videos up, but you have to pay microsoft licensing to use exfat so most nothing supports it other than your computer operating systems. (Linux support for exfat works, but is really slow)
This has been an issue with my car radio and cameras, as they both claim to only support 4gb, but I use 128gb in both of them without issues, as long as I formatted them to fat32 first. Camera is a nikon D70, from 2005, car is a 2011 juke. In the newer cars they support bluetooth media, so I can just use my phone without it being annoying.