Messages hidden when using Conversation view and Date sorting

I'm using New Outlook and I discovered that I'm not seeing both read and unread messages. I'm using conversation view, sort by is using 'Date', and sort order by is using 'newest on top'. Here is how my inbox appears (with messages blurred out for privacy).

If I disable conversation view, then I immediately see a lot of unread messages that came in last week.

Re-enabling conversation view then hides the unread messages again. However, if I filter the inbox to only show unread messages, Outlook says there aren't any unread messages.

I also found that I can see the unread messages if I change the sort by to 'oldest at top'.

What's also concerning about this is that I found there are some read messages that are also not appearing when using conversation view set to date and newest on top.