Their tokens tend to do well over time because they hold token burns and also reward the token holders with much reduced trading fees in their platforms. FTT was another toke that was so promising before the FTX collapse.
The only reason I fear them is that should anything happen to the native exchange, the token will dump so hard and sometimes may never recover at all.
its a known risk accompanied with these exchange token, they grow fast indeed when the exchange gaining momentum but they also pose the risk of dumping so hard like you just mentioned.
thats why investing in coin that are independent of any company is such crucial thing if you bag big amount of money, those fund management company fancy bitcoin and ethereum certainly for a reason because its decentralized so it has no relation whatsoever with certain entity, its only gonna affected if the blockchain somehow fails which i don't think thats gonna be the case.
i always have that kind of worry whenever investing in these exchange token, so far the only exchange token that i somewhat feel safer to invest to is BNB because it has BSC and opBNB backing it up even if binance got a problem there are project that still gonna use the BNB making the demand consistent, if its other exchange token i would hesitate so hard because knowing how ftt fall when ftx is failing.