Nah it's not an exploit. It's using your exotic slot tactically. Equipping a sidearm and switching is more of an exploit, but that's more Bungie's fault at overlooking it. But taking advantage of Icebreaker's exotic perk is not exploiting anything.
I would say that using a Y1 weapon should be less effective in power-enabled playlists like Trials though. It shouldn't be a 1-shot kill at 170 attack.
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It's an exploit mate...equipping icebreaker for one round then back to your special that you actually want to use to get full ammo? How is that not exploiting the fact that bungie took out spawning with special in these game modes to encourage more primary usage? But people use icebreaker then switch to get ammo by the second round (maybe first if they die then switch) same goes for doing it with side arms. However I agree that year one weapons should not do as much damage as year two weapons, a 170 attack can do the same damage as a 320 attack? Good job on that bungie...