No, it doesn't. If a creature has two instances of exalted, it gets +1/+1 for each, for a total of +2/+2. If it got +2/+2 for its original instance of exalted, +2/+2 from Sublime Archangel 's original instance of exalted, and only +1/+1 from its bonus exalted, it'd get a total of +5/+5.
No, what I'm saying is that if you ignore the fact that there are 2 instances of exalted and just give the creature +2/+2 instead for each original instance of exalted, the math works out to be the same. It's just another way of looking at it.