The instructions to reset Outlook back to an earlier version fixes the problem. You have to go back and then turn off Office updates. I neglected to turn off the updates and the problem started all over again. Fortunately, it only takes about 5 minutes to set it back. Here's the instructions:
I did some testing today and although subjective I believe I see the CPU spike more starting with build 17726.20126.
To see if you can confirm this, revert to the build below and test. The build in the steps below is for Current Channel. If you are on a different channel let me know what it is, and I will find the appropriate build. Builds available to revert are on this page, Update history for Microsoft 365 Apps (listed by date) - Office release notes | Microsoft Learn. The revert steps should take about five or so minutes and you will need to close the Office apps.
Steps to revert Office to Current Channel build 17628.20110:
- Open a Command Prompt in Administrator context.
- Type or paste the two commands into the Command Prompt window and press Enter after each:
cd %programfiles%\Common Files\Microsoft Shared\ClickToRun
officec2rclient.exe /update user updatetoversion=16.0.17628.20110
Alternate command to those above:
"%programfiles%\Common Files\Microsoft Shared\ClickToRun\officec2rclient.exe" /update user updatetoversion=16.0.17628.20110