This one can go in the Everything Else, I guess - sorry for posting to the wrong area.
Actually, no. The overexpenditure of energy is not something that wild dogs do, except if there is lack of food, shelter, or they are in danger from a predator. (
"Canine Behavior", M.W. Fox 1989, pp. 21-31). When those things are absent, they'd be exercising to forage, or find shelter, or to get away.
That doesn't mean that exercise can't be an enjoyable part of your daily regimen with your dog, but many owners feel really guilty that they aren't doing enough. Granted, for some of the hunting, herding and retrieving breeds, they need a bit more than the average couch potato dog, but there really isn't any need to get obsessive, as long as the dog gets some mental stimulation, even if he has a behavior problem you are trying to address.
If an owner is feeding adequately, and
training, or doing other
activities, like play, agility, etc., there should be no need to overexercise a dog on a treadmill, the street, etc., since the mental stimulation is there. In fact, in some dogs, physical overstimulation can increase problem behaviors, rather than eradicate them. As with any other remedy, you have to know your dog behavior, and be able to assess whether you are helping or hurting your own dog. Too much of a good thing can and does happen.