Using New Outlook on Windows for professional communication and productivity
What worked for me was deleting the new Outlook's executable ("olk.exe") from "C:\Program Files\WindowsApps\Microsoft.OutlookForWindows".
Once it's gone, it can't forcibly launch anymore when you open Windows Mail.
You first need to take ownership of the "WindowsApps" folder, then after deleting/renaming the .exe, restore the ownership back to "TrustedInstaller" (to prevent any potential issue down the line).
Useful Links:
Credit for original solution (deleting olk.exe):
https://www.reddit.com/r/Windows11/comments/1g1ffst/block_the_windows_11_outlook_app/
Detailed instructions on changing ownership: