According to the App Store, here are the data Outlook can and will collect:
The following data may be used to track you across apps and websites owned by other companies:
Usage Data
The following data may be collected and linked to your identity:
Contact Info
Contacts
User Content
Search History
Identifiers
Usage Data
Diagnostics
The following data may be collected but it is not linked to your identity:
Location
On a Mac since 1984.
Currently: 24" M1 iMac, M2 Pro Mac mini with 27" BenQ monitor, M2 Macbook Air, MacOS 14.x; iPhones, iPods (yes, still) and iPads.
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