Are exchanges safer than wallets?

I'm curious about the safety of cryptocurrency exchanges compared to wallets. It seems like exchanges offer convenience in trading and storing digital assets, but there have been reports of hacks and security breaches. On the other hand, wallets provide more control over private keys and can be more secure if properly managed. But how do the two compare in terms of safety? Is one inherently safer than the other, or does it depend on the specific exchange or wallet being used? And what steps can users take to ensure the safety of their cryptocurrency, regardless of whether they're using an exchange or a wallet?