I had the primary exhaust on my MR2 ceramic coated, and have been impressed by how little heat is radiated from it.I completely agree. I fixed already some cracks, because I found them visually. If you have engine cowling, that already representing high risk of missing on something during preflight inspection. I don't know. Everything is compromise. I will try to find my own comfort zone. And if I get in trouble, I can always ask my wife for advice. She is normally willing to tell me what to do without hesitation.
I have seen several wrapped exhausts that have got quite corroded, presumably from moisture trapped in the wrapping when not in use.