I've had a language partner for over two years now - I think it's great. I even managed to visit them when I was on vacation this summer. You just want to think about what you're hoping to get out of it. It's great for practicing speaking and listening. But it doesn't take the place of lessons or other structured methods of learning.

If you can afford it, paid lessons are always more efficient and tailorable to your goals/preferences. Being at an appropriate level and then finding a language partner who is at a similar level to you is very important. Until a B1 level or so, language exchanges may put too much burden on your partner. If there is a strong mismatch between levels, this might lead to mostly speaking one language. This may be especially challenging for English native speakers as many people speak English at a B2-C1 level with this being further exacerbated by the ubiquity of exposure to the English language through the internet, TV shows, movies, music, university, etc. Time zones and scheduling is also a challenge; another thing in favor of lessons as people have an incentive to talk with you in the middle of the work day in their country when you pay them! 😀

I know it’s hard to meet someone good and committed to that, but I reckon effectiveness depends on the commitment and the quality of the exchange, It's worth trying if you're motivated to learn and connect with others for making it meaningful by serving others as a trade-off for just achieving your purpose