I'd like to propose that you use the facilities of the cleveref package to achieve your typesetting objective. You should
load the cleveref package with the options nameinlink, noabbrev, and capitalize; this will make the output of \cref look like that of autoref. (Note: cleveref must be loaded after hyperref.)
provide the optional argument example to the \label instruction:
\label[example]{fig:xyz}
Of course, keep issuing the instruction \renewcommand\figurename{Example} inside the figure environment, as per the earlier solution.
No other changes required.

\documentclass{article}
\usepackage[colorlinks]{hyperref}
\usepackage[nameinlink,noabbrev,capitalize]{cleveref}
\begin{document}
\setcounter{figure}{7} % just for this case
\begin{figure}
\renewcommand\figurename{Example} % as per the earlier solution
\centering
ABC
\caption{This is an example.}
\label[example]{fig:xyz} % note the optional argument: "example"
\end{figure}
A cross-reference to \cref{fig:xyz}.
\end{document}