
This is the first time I’ve ever encountered a railroad crossing sign that notes an exempt status. This is due to the fact that an old streetcar line crosses here. Columbus once had a vast network of streetcars, or trolleys, and they were instrumental in the growth of numerous neighborhoods throughout the city.
Columbus Historic District, National Register of Historic Places

What does exempt mean if not as above?
I would assume that “exempt” meant that no whistle was required for the train or streetcar as it was crossing the road here and the sign is a warning to motorists to that effect so that (hopefully) they will carefully look both way before proceeding.
My thoughts, as well, except, there are no streetcars or any other trains passing through here anymore.