It is not exercise, and it may still be doing something worthwhile. Those are two separate questions and it is worth keeping them apart.
Not exercise, because exercise requires your muscles to generate force. If the motor is doing the work and you feel no effort, your muscles are being moved rather than working. Nothing adapts — no strength, no cardiovascular effect, and essentially no energy expenditure beyond sitting still.
Possibly useful anyway, because the well-documented problems with prolonged sitting are not only about a lack of exercise. Sitting motionless for hours reduces circulation in the legs, and passive movement does help with that. Devices of this type are commonly aimed at exactly that, and passive motion has a real role in some clinical settings.
So: a circulation aid rather than a training device. Which is a reasonable thing to own — it is just not what the marketing implied you were buying.