Same issue - New Mbook 16" M1Max - I have done all tricks and solutions I can find to no avail. I completely uninstalled outlook and all traces of my profile, have just reinstalled two of my accounts that are o365 servers and swap between "new" outlook and "old" outlook - the new outlook populates search instantly with full results and no issue, I swap the tab over to "old" and metadata searches don't work - from:Email address = return no results and just using a few letters or first name does barely function, albeit at a snails pace. I have two business accounts that are on premises exchange servers so "new" outlook is not an option..