These aren't independent variables. The point is that a half an hour run only burns around 300-400 calories, a deficit which could more easily be accomplished by diet. Also, it's possible that the run would increase your appetite.
The point isn't that exercise _can't_ work, it's that aiming for dietary changes has a higher average ROI than exercise.
But it's more complicated than that. Genetics cause one's predisposition as to how responsive a person is to cardio; see the University of Bath study and/or Michael Mosley's "The Truth About Exercise".