Even the Jews recorded their defeat by the Babylonians and their forced exile, something which they might like to forget.
I'm not an expert on Egyptian history, but I am pretty well versed on the biblical version. While I used to believe that every word of the early books of the Bible is literally true, I'm now of the opinion that what we see is that the these books recorded the verbal history which had been passed down through the generations until such time as they were written.
I don't think it matters in the great scheme of things whether the Exodus story is accurate or not. It does, certainly, to those who believe that every word of the Bible was dictated directly by God.