Are centralized exchanges safe?

Are centralized exchanges really SAFE for users to trade and store their cryptocurrencies? With numerous high-profile hacks and breaches in recent years, many have raised concerns about the security of these platforms. Can we trust that centralized exchanges have adequate measures in place to protect our funds and personal information? And what happens if a centralized exchange goes down or gets hacked - are our assets truly secure, or are we taking a significant risk by entrusting them to these platforms?