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Outlook 365 - Lost Features in older Outlook versions
Outlook 365 is the biggest bag of bugs that I have ever seen in any product released for sale to the Public. Whoever wrote it should be fired. Outlook 365 has lost features that old versions of Out...
Those aren't bugs; The features you describe simply aren't there yet.
New Outlook is still very much a work in progress, especially when it comes to pst-usage and management. This is also why it has been released alongside Classic Outlook for Windows. Classic Outlook remains fully supported until at least the end of 2029.
If the features of Classic Outlook that you rely on are not yet in New Outlook, it is perfectly fine to stick to Classic Outlook.
Some additional information;