The answer depends on where the leak is and what shape the metal around it is in. Most exhaust leaks start at the joints, not in the middle of a pipe. Every place two parts meet is sealed with a gasket, and those gaskets live through thousands of hot and cold cycles. The exhaust manifold gasket, where the exhaust leaves the engine, takes the most heat and often fails first, which is the ticking you hear on a cold morning. Flange gaskets around the converter and the bolt-on pipe sections come next, along with bolts and studs that rust, stretch or snap.
When the flange and the pipe are still solid, a new gasket and fresh hardware usually seal the leak for good, and that is the smaller bill. When the flange is rusted thin, the manifold is cracked or the pipe section is eaten through, a gasket alone won't hold, and replacing the bolt-on part is the repair that lasts. Your photos show which one you have, and the choice is yours. If a leak needs more than bolt-on parts, your service advisor will tell you up front. Hear a puff or a tick under the hood? Bring it to a C&C shop near you.