Users say that 32KB is fully compatible with homebrew, currently.
I can't say for sure though, because I have 100GB data in my sdxc sd card and I'm bored to try it.
So the options are:
exFAT with 32KB cluster size
FAT32 with 32KB cluster size
My recommendation though, is to try formatting it to exFAT through windows, with cluster size set to default allocation size (this will use 128KB probably).
Copy the switch folder, the sdfiles and the new hbmenu.nro back (as always disable the archive bit) and check if it shows your homebrews.
If not, format it in exFAT with 32KB cluster size and try again.
EDIT:
Never mind, I tripled checked with colleague's 128GB and 256GB sd cards formated with exFAT and 128KB cluster sizes. They worked perfectly (after disabling the archive bit).
So in the end the best formats are:
with exFAT switch micro update
less than 32GB:
- FAT32 /w 32KB cluster size
32GB:
- FAT32 /w 32KB cluster size
- exFAT /w 128KB cluster size (this greatly improves performance)
64GB and up:
- exFAT /w 128KB cluster size (this greatly improves performance)
without exFAT switch micro update
All sizes:
- FAT32 /w 32KB cluster size