I’ve recently been doing a lot of research and speed benchmarking for various drives and formats and found some interesting results. The ExFAT format was designed for things like USB drives, which means it’s pretty fast and simple, as well as cross-platform. It’s usually noticeably faster than NTFS. However, it’s also not as robust or reliable.
If you want cross-platform access and fast transfer speeds then ExFAT is a good option. If you want greater reliability and long-term archives then I’d stick with NTFS.