Can avast stop virus from exception file ?

Hello i am using Avast Free AV. And today i am installing an old game but avast detect the .exe file as virus, because i think its false positive i restore and add to exception from virus chest. Its fine so far but let us assume this program actually a virus and quietly already running in background, because this file already on exception list its mean avast cant interrupting what ever this file do to my computer, is it right? and also it is possible avast stop virus from exception file ?

This is the virus total link for the file above.
https://www.virustotal.com/gui/file/6f8635956b6e1f419b70f792d104d5dc407e8dd8e70ec4871d5babc082d197af/detection

because i think its false positive...............
It is a false positive, file was first uploaded to VT 12 years ago

History
Creation Time 2005-07-26 13:06:32
First Submission 2007-02-07 22:16:46
Last Submission 2019-01-14 13:04:53
Last Analysis 2019-07-24 01:07:48