Does the new outlook app have the junk mail filtering like the app that 365 has?

Classic Desktop Outlook is still current, mainstream, and fully supported. By contrast Outlook New is a free client, it is in Preview, and has many shortcomings. Outlook New is not and will not be a replacement for Classic Desktop until at least 2029, some 5 years hence. I would suggest you continue to use Classic Desktop Outlook as this may be one of the current shortcomings in Outlook New.

When I report a message as junk, and it indicates it will block, that does not happen. I still get messages from the sender. In the old Outlook you could block senders.

What indication do you have that the links are disabled? Do you get an error message? Does nothing happen? What I'm hearing is that an email with a link that doesn't work in Classic works in New, is that correct?

Microsoft sends "AD" emails with this "New Outlook", including offers from Zappos, Tumie (??), to name a few. Switching back to my Classic version, they are not in my inbox. Personally, I consider any "AD" email send by Microsoft to be spam (looks like they are copying Gmail). The interesting part, if you click on it to preview it, it takes you to the vendor's website. No preview on these emails.

I don't know which type of spam you are referring to.

I was just pointing out the differences between different types of accounts when used with the free, new Outlook. See the screen shot in my previous reply. An outlook.com account, for example, will display ads in the browser and also when you access that account in the new Outlook.

The classic version of Outlook is my personal preference, as it is yours, apparently.