Using New Outlook on Windows for personal email, calendar, and contact management
I've found one work-around to the pst file issue. Of course I hope M$ ultimately has this feature in the "New Outlook". 2025 maybe?
I went ahead and setup New Outlook and migrated settings. Once I could see which account(s) migrated (In this case my Exchange account and a Gmail account) I selected and moved the subfolders of greatest interest from the various pst files created over years and put them as subfolders under the gmail account which had migrated. This doesn't work so well if you have a ton of different pst files with subfolders, but by moving those of greatest interest under the inbox of the gmail account, the emails "migrated" and populated the folders in New Outlook.
It's a temporary fix until M$ does the necessary.