Specifically, is it correct to approximate the expression $\left(1 - 2^{-t}\right)^{x \cdot 2^t}$ as $e^{-x}$? This answer from an older post suggests that for an expression of the form $(1 - 1/n)^m$, quote
If $m$ depends of $n$ or the expression is part of a bigger term, it must be considered as a whole.
and so
[...] the sequence converges to 1.
which would contradict the approximation $e^{-x}$ of the original expression.