You can set Exposure separately for each of the cameras available in your scene.
If using a Main Camera, the camera that does not override Exposure will inherit its values from the Main Camera.
If there are no Main Camera set in the Scene, disabling the Exposure override will reset Exposure to 0.
If you would prefer to not use Photographer's Exposure and to be able to manually change the Blender Exposure in the Render settings > Color Management panel, it is possible to change this behavior by disabling Reset Exposure when not overriden in the Add-on Preferences > Exposure panel.
Exposure can be applied in Color Management (default behavior), or at Compositing.
Color Management and Exposure will be applied to your renders when saving to 8bits or 16bits integer file formats (JPG, PNG, TGA, TIFF 16bits), but they will not be applied on RAW formats (EXR). You will have to set your exposure again in the compositing software in that case.
If checking Apply at Compositing, the Exposure will be "burnt in" your image, even if saving to RAW formats. Using Blender 3.5 and above, you will be able to visualize the Exposure application in the viewport if enabling Viewport Compositing.
It will also not apply exposure in the Material Preview window.
For legacy reasons and to avoid confusion, “Apply at Compositing” is not enabled by default because you need to enable Viewport Compositing to see it working.
However, there is little reason not to use it, the only exception being if you don’t want exposure to be burnt-in your EXR files.
If you wish to make it your default workflow, enable it and save it with File > Defaults > Save Startup File.
There are 3 available Exposure mode in Photographer: EV, Auto and Manual.
EV is a simple mode that allows you to set your scene Exposure following Physically based lighting guidelines, without affecting motion blur or depth of field (nor film grain).
The Exposure Value (EV) is a base-2 logarithmic scale, which means that each unit (referred as "stop") doubles or halves the brightness of the image.
Ex: EV 11 is twice as dark as EV 10.
In the Panel, the EV Guide (here showing Heavy Overcast) will give you a hint of what kind of scene the EV would correspond to, if you were shooting it with a real camera.
The EV also represents a combination of a camera Shutter Speed (or Shutter Angle), Aperture.
The film or sensor sensitivity (ISO) is also important to the EV calculation. You may see EV100 written in some documentation, which means the Exposure Value was calculated for an ISO 100. If no value is specified, it is safe to assume that ISO 100 was used as a base.
Exposure Compensation is a common tool on cameras that allows to artistically control the brightness of an image by making it brighter or darker.
When using Affect Motion Blur, you can set your Shutter Speed (or Shutter Angle) to control the amount of Motion Blur, disregarding its effect on the Exposure of the scene.
Auto Exposure mode that calculate the Exposure Value by sampling the viewport to calculate the average brightness of your scene.
With Exposure Compensation set to 0, this average value corresponds to 18% luminance, similarly to light meters and cameras.
It analyzes the entire viewport or camera field of view if looking through the camera by sampling the pixels on a grid of 10 by 10.
Center Weight will give more weight to the 4 pixels creating a square at the center of time image.
Speed controls the speed at which the exposure will adjust to match the average target value.
Important:
The Viewport should be in Rendered mode for the Auto Exposure to work.
This tutorial video shows you the Auto Exposure in action.
Bake Auto Exposure has been added in version 5.4.6.
This allows you to automatically set keys to your exposure for the length of your animation timeline.
Frame Step sets the frequency of the animation keys.
Wait Time (in seconds) gives time to the Auto Exposure to settle before setting the key. Wait Time can be reduced if Auto Exposure Speed is increased.
Manual Exposure mode exposes controls you will find in real cameras: Shutter Speed (or Shutter Angle), Aperture and ISO (Sensitivity).
To learn more about Photography and Exposure controls I would recommend reading Cambridge in Colour tutorials.
Shutter Speed is commonly used in photography, but Cinema Cameras usually use Shutter Angle that corresponds to an exposure time based on framerate. You can switch between the 2 with icon next to the Shutter Speed value.
The Gears icons next to each property allow you to switch between preset values (found on common cameras and lenses) to slider values with fine controls.
When using Affect Motion Blur, Shutter Speed (or Shutter Angle) will control the amount of Motion Blur, as well as your Exposure.
Since version 5.5, you can easily add a Color Chart to your scene in order to help you define your Exposure value, using the picker on one of the gray swatches.