Then it's an oxidation rather than a decomposition. Yes it is exothermic, because it creates C=O and O-H bonds from O=O and C-H bonds.
To evaluate the heat of reaction by summing bond energies, don't forget the O=O in the reactants and the O-H in the products. But you can neglect the many bonds that stay "identical" from propylene glycol to lactic acid.
Alternately, you can find in a table the enthalpies of formation of propylene glycol (-501kJ/mol), lactic acid (-694kJ/mol), water (-286kJ/mol as a liquid) and molecular oxygen (zero per convention). The difference is the heat of reaction. By convention, heat received when forming a compound is positive, so do it on a clear head day, and compare the sign with well-known compounds or reactions, like usual combustions.
The situations where this heat of reaction matters in the wild must not be common. If the oxidation stops at the acid, it's probably slow, and then the heat has time to escape.