In most cases, the answer is yes. The iOS device running iOS 10+ can be completely erased if a corporate exchange account resides on the device.
In the latest version of 2016 Exchange Server on-premises, by default, there are 2 versions of remote wipe that can take place. The first only removes the exchange account, and the second is a complete wipe; meaning complete wipe functions exactly like using the built in iOS settings, general, "erase all content and settings" function.
There is no prompt on the exchange admin end to enter any Apple ID password, nor passcode...
If you're allowing your personal iOS device to connect to your company's Exchange Services, please read the use agreement careful before you sign.
If you keep local backups in iTunes, you will be able to restore your iOS from a backup.
I just initiated a test of remote wipe as of this writing, so this info is timely.