Using Outlook for Android in business environments for email and scheduling
The same issue is being discussed in the following link
I did the following and worked for me:
First uninstall Outlook app,
then install the older version of outlook 4.2240.1 that is available from the GALAXY STORE.
Finally turn off autoupdates for Outlook ONLY from the playstore
(here is a link on how to turn off autoupdates for a specific app only https://www.phonearena.com/news/Disable-Android-updates-specific-apps_id102881).
So this works. It is a temporary solution until a proper update is released to fix the problem.