Does exercising on an empty stomach burn more fat?

I can't find conclusive answers online so was wondering if people have any better info on it. I'd assume that because when you exercise with food on your system your body tries to use up all of your food reserves before resorting to fat (thanks, evolution), if you have no or very little food reserves, your body would immediately go to burning your fat reserves for energy. Is this a correct assumption or a misconception on how it works?

submitted by /u/Brilliant_Gift1917
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