Outlook – Fix Slow ‘Move to Folder’ on macOS Big Sur

Current setup

• macOS Big Sur 11.6.1
• Microsoft Outlook for Mac 16.54 (for work, part of office 365 subscription) with New Outlook turned on
• Mail account – an Office 365 account

The issue
In outlook, I select a message and hit Shift + Command + M to move the selected email(s) to a folder. The Move screen takes several (4-5) seconds to show. I then type a folder name into search and there is a 1-2 second lag. This just started to happen recently (after the 11.6.1 update?, possibly after an Outlook update?)

Everything else works as expected.

Is there a cache file somewhere I can clean-up/clear out that might help this?

Everything I see for support relates to Outlook being slow on Windows (which isn't any help)

It would seem 16.55 (21111400) fixed this issue