Fluorescence-based organic light-emitting diodes (OLEDs) using thermally activated delayed fluorescence (TADF) have increasingly attracted attention in research and industry. One method to implement TADF is based on an emitter layer composed of an exciplex host and a fluorescent dopant. Even though the experimental realization of this concept has demonstrated promising external quantum efficiencies, the full potential of this approach has not yet been assessed. To this end, a comprehensive electro-optical device model accounting for the full exciton dynamics including triplet harvesting and exciton quenching is presented. The model parameters are fitted to multiple output characteristics of an OLED comprising a TADF exciplex host with a fluorescent emitter, showing an external quantum efficiency of >10%. With the model at hand, an emission zone analysis and a parameter study are performed, and possible routes for further efficiency enhancement are presented.