No, the Exposure stage in ACR/LR happens before the 3D LookTable, not after. Same with Blacks. So if you use these to adjust the image (to compensate for ETTR) you should get the same result. For example, compare two cases. For Case A, I take an image at a given exposure. For Case B, I take the same image, but 1 stop underexposed (e.g., halve the shutter time), then set Exposure to +1 in ACR to make up for it. Aside from shadow clipping due to the default Blacks = 5, the tones and colors in the results should be the same in both cases, even if using a lightness-dependent profile, e.g., Adobe Standard or one of the Camera Matching profiles.
I am also puzzled by the discussions of the non-linearity of ACR's Exposure. ACR's Exposure in the positive direction is simply a straight multiply with a hard clip, just like digital camera exposure. In the minus direction, the only difference is that ACR tries to keep clipped whites white (i.e., we did not feel it was photographically useful to let speculars turn into gray blobs, though we still let users accomplish that with the point curve). Remember, when reducing (software) Exposure, there's nothing "above" the sensor saturation point (very unlike at capture time, where reducing the capture exposure can indeed record additional information), so there is a question of how to treat the whites.