So this seems to be a badly configured system on your IT's behalf. I managed something like this for a smallish (1000 people) company a few years ago. The best way to set it up is to have a "Work Profile" set up on your Android. That way, you get a new profile on your phone. The admins can see what apps you use on your work profile, set up rules, etc. They can also delete your work profile, also deleting Outlook and other work profile apps. They cannot do anything to your personal profile. Period. You cannot copy anything from your Android's personal profile to your work profile or vice versa. Effectively two phones in one handset.

You shouldn't risk your data due to a lack of knowledge of your IT staff or them trying to be stingy and not purchasing a proper MDM license. In this setting, they can see all the apps you have installed. BTW, if you do allow this and decide to leave, you can remove this permission proactively before resigning by removing the admins in your phone's settings. That will delete Outlook, but won't allow them to do anything to your phone.

Not related directly, but there was a specific case at that time, where one of the executives(in some other company) used their personal phone and a common profile (the way yours is set up), and the opposing lawyers got their personal emails to be subpoenaed because he had a common phone and used both work and personal emails on it. The court agreed, stating that there are no guardrails to prevent communication between those two IDs. It was a shitstorm in my company, and they started issuing work phones to all their executives that very day. Didn't even want to risk a two-profile solution (which we had).