TypeScript exclude node_modules not working

{
    "compilerOptions": {
        "target": "es5",
        "lib": [
            "dom",
            "dom.iterable",
            "esnext"
        ],
        "allowJs": true,
        "skipLibCheck": true,
        "esModuleInterop": true,
        "allowSyntheticDefaultImports": true,
        "strict": true,
        "forceConsistentCasingInFileNames": true,
        "noFallthroughCasesInSwitch": true,
        "module": "esnext",
        "moduleResolution": "node",
        "resolveJsonModule": true,
        "isolatedModules": true,
        "noEmit": false,
        "jsx": "react",
        "outDir": "./dist/",
        "baseUrl": "./",
        "paths": {
            "@/*": ["src/*"],
            "@/components/*": ["src/components/*"]
        },
    },
    "include": [
        "./src/**/*"
    ],
    "exclude": [
        "node_modules"
    ],
    "files": [
        "./test/test.ts"
    ]
}
$ cd test

$ tsc -v
# Version 4.1.3

$ node -v
# v12.18.0

$ tsc ./test.ts