Hi @Sailendra
Thank you for posting your question in the Microsoft Q&A forum.
May I ask which license are you using?
Please note that some licenses don't support Legacy Outlook especially Outlook downloaded from App Store.
If you have an eligible license that supports Legacy Outlook, please download it directly from Microsoft web. Update history for Office for Mac - Office release notes | Microsoft Learn
Additionally, if you don't meet this issue from the previous version, you can consider rolling back to the older version. My recommendation is version 16.102.x
And remember to turn off Auto update by going to Help> Check for Updates. In the Microsoft AutoUpdate, clear the Automatically keep apps up to date.
I saw that you also mentioned missing the local folder in the left panel. Make sure "Hide on My Computer" is not checked in Settings > General.
Please try and let me know if it works for you.
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