Exposure in terms of linear scaling should not affect color saturation, at least not without further adjustments on the top.
But it does at times:
You are correct. Hue twists in the newer generation of Adobe profiles have been widely discussed and there is even a tool
for removing them. See this post
and the referenced thread
on the Adobe forum as well as a recent thread
on LuLa. It would make sense to adjust luminance in a linear fashion before correcting color with look-up tables which introduce hue twists.