I have the same thing... an upper deck off the main floor and a lower deck off the walkout with exposed joists from the upper deck.
What I'm going to do is finish the underside of the upper deck with 5/4"x 6" brown pressure treated deck boards. They should be fairly easy to screw into place and I think it will look better than metal soffit. If I get tired of the natural brown color, I'll just stain or paint them.
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