Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
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My current work-around is to unclick the calendar with my email address and then enter my events. They sync right away. Then click on the calendar with my email address to view things that show up there along with everything else.
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So you are entering the events in the iCloud calendar and they sync immediately? That is how it is supposed to work. Apple does not pull events from the default calendar, it only syncs the iCloud calendar. It's how Apple wrote the iCloud add-in to work - it's all on Apple, not Microsoft. If you wanted to sync iCloud to the default calendar, you need to use a 3rd party add-in - I use gsyncit because it supports gmail, yahoo, iCloud and caldav.
Do you see a page like this when you right click on the calendar and choose Properties? The location is near the top.
To eliminate the need to uncheck the calendar - click on the iCloud calendar tab at the top or show the default and iCloud calendars side by side.
The bolder / brighter tab is the active tab (blue tab in this screenshot) - or click the arrow in front of the calendar name to show the calendar side by side instead of overlaid.
BTW - your issue is totally different than the issue Barry has with calendar sync. He's syncing with a web server using Active Sync. You're using the iCloud add-in to sync.