I’ve heard that exfoliating skin allows for hair growth to slow. Is this true?

FALSE: Exfoliating your skin works to remove aging stratum corneum, the outermost layer of the skin. Exfoliating skin can help the epidermis turn over more quickly and can give you a brighter appearance in the short-term due to the encouragement of skin turnover.
Exfoliation alone will not reach the level where hair growth rates can be altered. Hair bulbs are located in the subcutaneous fat past the epidermis, past the dermis, deep within the tissue. Exfoliating your skin will not result in slower hair growth.