If a token is exiled and then returned to the battlefield, does it come back?

Tokens are not cards, and a fundamental rule governs what happens when they leave the battlefield: they cease to exist as a state-based action. This is covered in CR 110.5f, which states that a token that has left the battlefield can't move to another zone and simply ceases to exist when it would do so.

When a token is exiled, it does briefly exist in the exile zone for a fleeting moment — long enough for triggered abilities that care about a permanent being exiled to trigger. However, state-based actions (CR 704.5d) immediately remove it from existence. Because the token no longer exists, any effect that would return it 'from exile' to the battlefield has no object to act upon and simply does nothing.

This is true even if the exiling effect explicitly promises to return the object later. For example, if you use Flickerwisp to exile a token creature your opponent controls, the delayed trigger will try to return it at end of turn — but because the token no longer exists in exile, nothing comes back. The token is simply gone.

The same principle applies regardless of which zone the token moves to. Whether it's exiled, put into a graveyard, bounced to hand, or shuffled into a library, the token ceases to exist and cannot re-enter the battlefield through any means.