Does exhausting a champion reduce the damage done by its pets?
No. Minions have nothing to do with the champions stats or effects unless they are minions created by the champions abilities (excluding Malzahars pet voidling) such as Yorick ghouls which scale off his attack damage and max hp, Shaco clone which is given statistics from the original Shaco and Mordekaisers Pet of the grave which is given stats from Mordekaiser. Those are the few champions which are the exception to the rule.
Hope this was helpful.