The new Outlook version will replace the pre-installed e-mail program in Windows in 2024, and later also the classic Outlook from the Office package. The new version synchronizes data with the Microsoft Cloud when using IMAP or POP (Exchange is not affected), which means that e-mail content and passwords are transmitted to Microsoft. The current Outlook client already offers the test of the new Outlook version with a button "The new Outlook" in some cases. 
Do not use the option to switch to the new version in connection with e-mail accounts provided by the university! Stay with your current Outlook version, it will continue to be usable (see Heise).
Further information on transferring data to a cloud via the e-mail program can be found here.