What’s the honest comparison of Exchange Vs Personal Wallets?

I know a lot of folks here say you must keep your coins in your own wallets. And we have had exchanges attacked like we just had Binance.

But is it really realistic for the average person to hold crypto in personal wallets without high risk?

Does that mean Bitcoin is not for everyone, even when they want to own it?

Is there any data-driven comparison of the two options?