They should all be in the calendar settings, you might have to poke around to find the exact location in your version of Exchange. Click on the Calendar tab at the top of the calendar in your browser.
Itsycal for the best free menu bar icon for Apple Calendar.
Outlook 365 for Windows is the last to gradually get these features, Office 365 version 2103 or later is required (March 2021). Outlook 365 for Mac, Outlook mobile apps and Outlook on the web already support the faster shared calendars. Microsoft Outlook for Microsoft Office fans and syncing with Windows and Android. Microsoft 365 hosted email and accounts have the server technology necessary.
This actually isn't client-side (that is, Outlook) setting. Bus圜al for the most flexible macOS calendar.