It is not only adrenalin, of which most people forget about, but also other hormones you need for doing stuff. However, as far as my experience or the things I 've discovered is something called glucogenisis.
When your energy stores, when you eat carbs, go down, just before they deplete, your liver will automatically give you a boost of glucagon/ glucose to restore energy levels called in non medical terms as a liver dump.
With T2, the unnecessary spikes is what you need to avoid as well as certain carbs. Keeping your blood glucose levels near normal levels as much as possible, is the best way forward.
Exercise is important and individual, some can do a lot, some can't. I can't do strenuous exercise because of that spike, it will eventually lead to a hypo.
So don't stop exercising but find out which exercise doesn't mean you spike consistently high.