There are no direct dependencies, no Exchange-related features will be affected. You will loose access to some security features such as PIM, but again, those are not directly related to Exchange. For detailed comparison, check for example here: https://www.microsoft.com/en-us/microsoft-365/enterprise-mobility-security/compare-plans-and-pricing
Question related to Licensing
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What is the real use of EMS E5 license for the Exchange Plan 2 customers? if I use EMS E3 with Exchange Plan 2, what I would lose in terms of EMS E5 with Exchange Plan 2? Thanks