I think Trish is right, for the reasons I posted. Phobic fears, where the person readily understands that the phobia is ungrounded in harm are quite different from fears or concerns about things where they have reason to think their is a grounding in harm.
I agree that if the PACE authors' theory assumed that fear of exercise was a phobic fear then the spider analogy would hold. And they are probably dumb enough to have argued that to themselves. But they, as much as anyone else, are perfectly aware that the concern about doing exercise expressed by PWME is not at all like a phobia, whether it is based on personal experience or on hearsay from the internet. In both cases there is grounding in a genuine belief that there will be payback, beyond just going hot and sweaty.