Does removing an Exchange account from an iOS device remove the admin’s ability to wipe the device?

I added an Exchange account to my personal iPhone via Settings. Afterward I got a warning that an Exchange admin would have the ability wipe the phone remotely.

Does deleting the account eliminate that ability?

To look for installed profiles that could enable wiping your device, take a look at System Preferences > General > Profiles.

The listing is usually near the bottom, above Shut Down, Reset, Legal & Regulatory and below Languages & Region, Dictionary, and VPN.

Not necessarily.

Open the settings app and look for profiles. Unless there is a profile for MDM or device erasure, then the exchange admin can only recall Mail access and remove the app, not wipe your iPhone.

You can attach a screen shot of the exact message you have or your profile settings if you want to be sure we understand exactly what settings you agreed to and how your Exchange is set up.

One thing, the profile section is hidden if you have none, so a quick search at the top of the settings app will take you there if you have installed any MDM profiles.