After a long time it is now possible to use ExFAT formatted devices to export your tracks to from Rekordbox.
ExFAT (Extended FAT) supports devices with a capacity of practically unlimited size and is a solution for users that are using devices larger than 32GB on different Operating systems. ExFAT can be read by both Windows and MacOS (just like FAT32) and is designed as a solution if you want to use FAT as a filesystem on larger devices.
There are some pitfalls though :
As this is introduced only in March 2022 and you might come across a setup that has not been updated it might be good to hold on to switching to this filesystem for while until you are sure the hardware setup is updated to the mentioned firmware versions.
All devices smaller than or equal to 32GB should be formatted FAT32 (called MS-DOS FAT on OSX)
A video I made a while ago in regards to formatting your devices on Mac :