I have the same issue and it's a major bug. I have found a temporary work around that might help! I have Parallels installed and Office running on the Windows instillation. In Outlook running on Windows, the search option works perfectly!! It used to be a problem running Parallels all the time, on my old Macbook Pro, but now my M1Pro chip doesn't break into a sweat. So now I leave Parallels in "coherence" mode and I just use the windows-based Outlook instead. Not good that I need to, but if it's vital this will save you loads of hassle....
MvF
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