ABSOLUTELY. Yet I fall on both sides of this issue.
For me, the routine, consistency and mental benefits of exercise are very important, aside from associated weight loss benefits.
however, I found myself gaining weight and was at my heaviest when I was exercising the MOST. at 180 lbs I was training for a marathon and found it impossible to control my eating on 15+ mile running days.
Moderation equaled success for me! I currently run quite frequently-- sometimes up to 6 days a week, but NEVER more than 6 miles at a time. And I walk. Everywhere I can. This adds in extra movement I don't "count" as exercise. Walking to work, to the store, to see friends--- these are easier things to do in New York City than some places, I know-- but I could take a cab or the subway and whenever I can, I choose not to. The walking doesn't "feel" like exercise to me in the same way running does, and thus hasn't impacted my ability to control my eating quite as much.
I think consistency of diet is 80% of the weight loss equation, and exercise helps with the mental focus, physical strength and determination to make it the rest of the way. Treat it as a gift, a break, a "Recharge" opportunity-- not as a chore. And don't over do it!
Best of luck