Depends on the product or service typically
When I work with real estate people I typically use exact matches for very specific and straightforward searches example :
[Toronto Realtors]
[Realtors in Toronto]
I’ll use phrase matches for longtail things
“Top rated Realtors in Toronto”
“Best Realtors in Toronto”
Everyone will be a bit different, sometimes phrase matches will get you weird searches but it’s a matter of going through search term reports and adding negatives that trigger bad results – eventually you will refine your best phrase matches and they can do a lot of good things usually I only use a handful of phrase matches and focus on exact but phrase are definitely useful in casting a wider net and also help you find other good keywords that you can add into an ad group