What are your experiences? Does exercise and physical activity reduce your anxious thinking?

I was asked this by a friend this morning. My own answer was 'no'.

I do not have a car. As a result I walk a lot and on occasion over long distances (like 90min plus). The frequency increases of course over the spring and summer months yet my anxiety doesn't improve. And... there was a time in my life where I was incredibly active yet this is actually the same period I experienced the greatest anxiety in my life.