Same issue here. Even all the index repairing tipps in the net, don't solve the problem. Using Outlook with in Exchange Server.
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Same issue on my new MacBook Pro 14'' an Monterey 12.1. On my old MacBook and BigSur everything still works fine with the same Outlook Version. So I believe it must be an apple problem. Regarding to that I will use my old MacBook until the problem will be solved ;-(