The last two places I worked at that had office 365, everyone just used the web interface. It was pretty miserable but beat having a separate application just for email.
I've used auto tab discard for a long time and exempted the outlook tabs. I think Firefox was taking that feature to main, but not sure how they interact.
I don't go low on ram often enough to notice anything, or the exemption still works.
That works on Windows where alt+tab cycles between ... er, windows, but not on macOS, where CMD+tab cycles between apps. As another commenter said, the 'shortcut' feature (e.g. for PWAs) is a workaround.