There is some research that shows that aerobic exercise can have a positive effect on visceral fat:

More importantly, both aerobic and resistance training prevented regain of potentially harmful visceral fat.

These results suggest that at least 10 METs·h/w in aerobic exercise, such as brisk walking, light jogging or stationary ergometer usage, is required for visceral fat reduction

These data suggest that aerobic exercise is central for exercise programmes aimed at reducing VAT, and that aerobic exercise below current recommendations for overweight/obesity management may be sufficient for beneficial VAT modification

HIIT is a time-efficient strategy to decrease fat-mass deposits, including those of abdominal and visceral fat mass.

But it’s not all too straight forward

The study found no difference in efficacy of liver fat reduction by either aerobic exercise dose or intensity.

There are probably more studies that show both positive and inconclusive evidence for exercise and changes in visceral fat because that kinda how science is…