Jeff Parker I confirm that one day after enabling ExternalInOutlook we don't have the reaction panel available in Outlook Windows anymore when emails have the external callout. We have our mailboxes in Exchange Online and had been reacting to Emails we receive from our Exchange Online customers sending emails via 3rd party antispam to us and us receiving them with EOP directly. We also can still can react on the mails in question in Outlook Mobile and Outlook Web. I'm not sure if this is a temporary phenomenon or if it will disappear. Yet I consider this a bug, because it's not unified across plattforms.
Microsoft® Outlook® für Microsoft 365 MSO (Version 2406 Build 16.0.17726.20078) 32 Bit