It depends: intense or long sessions can increase appetite, while moderate activity often has little effect or even blunts it short-term. The common pitfall is overestimating calories burned and 'eating back' more than you used.
- Intense/long sessions can raise appetite.
- Moderate activity often has little effect.
- We tend to overestimate calories burned.
- Fuel sensibly; don't 'reward' every workout.
The appetite effect
Appetite response to exercise varies by type, duration and person. Long, hard sessions tend to raise hunger; moderate movement usually doesn't much. Neither is a reason to skip exercise.
The real pitfall
The bigger issue is overestimating burn and over-rewarding workouts with food, erasing the deficit. Fitness trackers often overstate calories burned, too.
A sensible approach
Fuel training adequately with protein and smart carbs, but don't treat every session as license to indulge. Let exercise support health and the deficit, not undo it.