This study conducted a comparative analysis of subjective exercise experiences between an AI-based fitness companion and traditional human coaching among 98 university students participating in a standardized 20-minute functional circuit training session. Participants were evaluated across three psychological dimensions: Emotional Resonance (ER), Interactive Dynamics (InD), and Embodied Presence (EP). The results indicated that human coaching elicited significantly higher levels of Emotional Resonance, whereas AI-based companions demonstrated superior performance in Interactive Dynamics. No significant differences were observed in Embodied Presence, suggesting that contemporary AI systems can provide spatial immersion and body-awareness comparable to human coaches. These findings indicate that AI and human coaches offer distinct psychological strengths, suggesting that AI should be viewed as a complementary, scalable tool for exercise guidance rather than a direct replacement for human emotional support.