It IS safe to do so! I ran a scan with Bitdefender after allowing the exception, and no malware was found. Lots of certificates from legitimate websites and links are not updated sometimes. You just have to research a bit. Microsoft uses that certificate, but apparently haven't updated it. It's used for their apps and programs. I found a Microsoft webpage that explained what that certificate was used for. Only when I allowed that certificate the exception, did my emails in Outlook 365 started coming in. I was frustrated for a week trying to figure out why my emails weren't coming in through 365! That's exactly when the certificate error started showing!. I tried EVERY process I could find to fix Outlook! Apparently, Outlook 365 uses that certificate.
Outlook runs fantastically now, and there's no ill effects on my system. It's your call.