I suggest you try Rufus. This tool is able to format and change file system of external storage devices and should works with your SD card.
In Device, select your SD card and choose the Non bootable option in Boot selection. Next, in File system, choose FAT32. Then click Start to format the SD card in FAT32.
Such cards are usually formatted as FAT32 or exFAT, as that is nearly a universally compatible format at this point. exFAT is really just an extension to the baser FAT32 that increases disk size, removes limitations, etc. It uses larger numbers to reference sectors, file sizes, etc. I guess its important to make the distinction.
That's might because your SD card is larger than 32GB. The Windows File Explorer, Disk Management or DiskPart can only format a drive, which is smaller than 32GB, to FAT32 due to its restrictions. But you can use some free partition manager software to format large drive to FAT32
https://www.diskpart.com/articles/format-2tb-hard-drive-to-fat32-7201.html