Game mechanics make us seem a lot more powerful than we are in lore. We are like "elite troops" in our respective faction's armies.
"The pen is mightier than the sword.. and considerably easier to write with."
I also like to think (maybe a bit RP), that our titles have some meaning. Being 'te Exalted, means you're a hero who's exalted presence brings tales of glory to the minds of anyone who hears of you.
Sure, we're 'just' heroes, but characters like Thrall, Jaina, Wrathion, Velen and Malfurion do continue to call upon us for aid. That means something!
I would say we are On-Par with secondary Major Characters. Pretty much anyone that is not a "god" but still a High ranking soldier.
Hell, in WoD we are one of the COMMANDERS of the Draenor Battlefront, in the Garrisons we have War council meetings with the faction LEADERS.
I would say we are kind of a big deal, in terms of Characters we probably equal people like Archdruid Hamuul/Danath Trollbane/Zaela/Bolvar
We are a big deal. We are tasked with very important quests and missions that only the greatest of heroes would be granted. But take it with a grain of salt. There cannot be 7M great heroes in Azeroth. But in your game you are the shit. We are constantly being hailed as great heroes and champions of our respected factions. Hero class from WC3 status is a good example. There were a big deal and so are we.