I think exFAT would be a step down from NTFS. NTFS is a journaling filesystem which makes it a lot more robust against data corruption than exFAT. It also has a number of more advanced features (for a 30 year old filesystem) like symlinks, transparent compression, and sparse files. NTFS is also less prone to fragmentation than the FAT family of filesystems. On the other hand, exFAT doesn't eliminate any of the potential compatibility problems (like the potential to create a file named "C:"). The only thing exFAT has going for it is that Microsoft has actually published a specification for it, but in practice NTFS has been reverse-engineered enough to have multiple reliable third-party implementations.
If you need Windows and Linux to access the same filesystem, NTFS is the least bad option (the best option is probably setting up a NAS for this amount of data). Another option is to install third-party ext2/3/4 or btrfs drivers on Windows, but last time I looked into this, they weren't very robust.
