Does "Microsoft Search" search Exchange?

Bing search for Work, Office 365 search, whatever it's called these days. For a Microsoft 365 organization totally in the cloud (no on-prem), is search supposed to work with Exchange online? For example, visit office.com and enter a search query in the search bar. It finds content across the major apps *except* for Exchange - heck, it even finds conversations in Teams. What am I missing?