Microsoft appears to have resolved this issue at some time in the last week or so. In my current build of Outlook Professional Plus 2021 - Version 2309 (Build 16827.20130 Click-to-Run) - the three options of how to handle previously open items have been restored to the "Start-up Options" section of the "General" Outlook Options dialogue box.
The value of the "ReopenWindowsOption" DWORD now appears in the Registry and varies depending on the option selected - 0 for "Ask", 1 for "Always Open" and 2 for "Never Open". A missing instance of this DWORD has the same effect as the value "0". Changing the selection then returning it to "Ask" will leave an explicit registry entry with value "0".