The Exploit Mitigation component is still enabled, only Outlook is excepted for a temporary period untill Sophos fixes the cause.
I verified that Outlook did not crash while Sophos was uninstalled. I reinstalled Sophos at the end of the day on 1/21/2021. After reporting this to Sophos they sent me the same hotfix you mentioned above. I went ahead and added the same exclusion for Microsoft Outlook to Exploit Mitigation and will monitor the results for the remainder of the day today.