The article links to an old version of the NICE guidance. The new version of that is here: https://www.nice.org.uk/guidance/cg90
It's important to note that exercise isn't being touted as a treatment for depression, but as something that may help people with sub-clinical symptoms. They have one or two symptoms of depression, but not the whole package.
> Low-intensity psychosocial interventions
> For people with persistent subthreshold depressive symptoms or mild to moderate depression, consider offering one or more of the following interventions, guided by the person's preference:
> individual guided self-help based on the principles of cognitive behavioural therapy (CBT)
> computerised cognitive behavioural therapy (CCBT)[4]
> a structured group physical activity programme.
NICE does not recommend exercise as a treatment for depression. This is because the evidence we have shows it does not work. It's not, as the author of the submitted article suggests, that we don't yet have good enough evidence.