For me it is ''SAFU'' All these exchanges can be hacked or suffer specifically from cryptocurrencies they listed on their exchanges. You know even it is hacked, the lost will be covered by the exchange.
That is if the exchange keeps to their words, do you think it is all exchanges claims SAFU fund that really has it, are we there to monitor them for us to really be sure that they will do as they said? How many exchanges that have collapsed claimed they have SAFU fund but still could not meet up after they got hacked.
Binance is really the first exchange that I see kept to their word on this SAFU fund, so to me, I would rather not keep my fund on any exchange, but because of trading which usually makes it impossible sometimes not to keep fund, I will always go for security of the exchange fund, but still keep very minimal amount.