On my devices it seems the app is collected a large amount of logs for IMAP accounts (and some for SMTP) in the app-internal folder
/data/data/com.microsoft.office.outlook/files/Osa/OutlookServiceApiLogs_2021-01-07-00
and similar folders with the respective date value containing files like these:
osa{2021-01-06-22-01-00}_002146_1148427_sync_imap.SyncMessageFlags.8340.req.xmlgz
osa{2021-01-06-22-01-00}_002147_1148427_sync_imap.SyncMessageFlags.8340.res.xmlgz
osa{2021-01-06-22-01-00}_002148_1148427_sync_imap.SyncMessageFlags.8344.req.xmlgz
osa{2021-01-06-22-01-00}_002149_1148427_sync_imap.SyncMessageFlags.8344.res.xmlgz
osa{2021-01-06-22-01-00}_002150_1148427_sync_imap.SyncMessageFlags.8348.req.xmlgz
osa{2021-01-06-22-01-00}_002151_1148427_sync_imap.SyncMessageFlags.8348.res.xmlgz
osa{2021-01-06-22-01-00}_002152_1148427_sync_imap.SyncMessageFlags.8352.req.xmlgz
osa{2021-01-06-22-01-00}_002153_1148427_sync_imap.SyncMessageFlags.8352.res.xmlgz