Notice that for the Euler vector field on $\Bbb R^3$,
$$X := x \partial_x + y \partial_y + z \partial_z ,$$
we have
$$\iota_X \omega = x \,dy \wedge dz + y \,dz \wedge dx + z \,dx \wedge dy ,$$
where again $\omega := dx \wedge dy \wedge dz$.
It's true that $\omega$ is exact: In the language of the divergence operator, we have
$$d(\iota_X \omega) = (\operatorname{div} X) \omega = 3 \omega,$$
so
$$d\left(\frac{1}{3} \iota_X \omega\right) = \omega .$$
It's perhaps misleading to call $\alpha := \frac{1}{3} \iota_X \omega$ an area form: After all, it's defined on a $3$-manifold, not a $2$ manifold. But we can say this: Given an oriented surface $S \subset \Bbb R^3$, say, with inclusion map $i_S : S \hookrightarrow \Bbb R^3$, either unit normal vector field $N$ determines a volume (area) form $i_S^*(\iota_N \omega)$ for the induced metric on $S$. In particular, if the restriction $X \vert_S$ of $X$ to $S$ is a unit normal vector field for some $S$, $i_S^*(\iota_X \omega) = 3 i_S^* \alpha$ is an area form for the induced metric on $S$---but the only surfaces $S$ for which $X\vert_S$ is a unit normal vector field are the open subsets of the unit sphere $S^2 \subset \Bbb R^3$.
Some of the above, but not all of it, can be generalized to general oriented Riemannian manifolds: The definition of the divergence works just as well for any manifold equipped with a volume form (including an oriented Riemannian manifold), and the definition of the area form induced on a hypersurface works just as well for oriented hypersurfaces of oriented Riemannian manifolds. But the volume form $\Omega$ on an oriented manifold need not be exact. In fact, if $M$ is a (nonempty) compact, oriented $n$-manifold (without boundary) and $\eta$ is a smooth $(n - 1)$-form on $M$, Stokes' Theorem gives
$$\int_M d\eta = \int_{\partial M} \eta = \int_\varnothing \eta = 0 ,$$
whereas $\int_M \Omega > 0$, so no volume form on $M$ is exact.