See here: http://www.tomshardware.co.uk/answers/id-1726154/format-64gb-card-exfat-fat32.html
They talk about re-formatting an exFAT formatted 64 SD card. Sandisk Ultra 64 GB is an SDXC card not a SDHC.
Just browsed through it. Lollipop for sure normally supports exFAT too as any recently sold device should do.
There is a good reason why Windows won't format SD-Cards above 64 GB with FAT32. You are simply doing the wrong thing.
I have no experience myself using SDXC cards in older devices labeled for SDHC only. Used exFAT on 32GB SDHC with no problems.
exFAT is a better filesystem than FAT32 don't doubt that (no limit to max 4 GB file size e.g.) as exFAT was designed specifically for memory cards/sticks.
Asked for SDXC/exFAT support on Himedia players as this will be the new defacto standard for all big(ger) SD-Cards used in any device with any type of OS on it. SD is the only card format still being sold and these new cards are fast to blazing fast so they will be very popular. Prices already are dropping.