I have try to test in a 20.3 instance :
- create a permission set "EXCLBUSPREM" with tabledata 3 : include/exclude = exclude, insert = yes, modify = yes, delete = yes
(because I can not do it from UI, I modified the xml and imported it).
- create a group with permission sets : "D365 BUS PREMIUM" and "EXCLBUSPREM"
Adding this group to a user (only set this group), the effictive permission are not showing any relationship with EXCLBUSPREM, the user still access and modify tabledata 3.
I think the feature is partially present (include/exclude) but not working at all.