Yes, EXALTATIONS is a Scrabble word!

Letter values in Scrabble US: E 1, X 8, A 1, L 1, T 1, A 1, T 1, I 1, O 1, N 1, S 1.

Is it a valid word?

EXALTATIONS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a state of being carried away by overwhelming emotion
the location of a planet in the zodiac at which it is believed to exert its maximum influence
a flock of larks (especially a flock of larks in flight overhead)
the elevation of a person (as to the status of a god)

Not playable in Scrabble US: RAPTUS.