So, this has been confirmed as "known issue" with the legacy Outlook message recall feature. I cannot share any ETA or additional details as to a potential fix, but it's on the radar.
Exchange Online customers should already be protected from this, thanks to the new "cloud-based" message recall feature: https://techcommunity.microsoft.com/t5/exchange-team-blog/cloud-based-message-recall-in-exchange-online/ba-p/3744714
Going forward, the new Outlook client and its webmail counterpart will only support the new message recall, thus negating the issue. For on-premises customers, a potential fix should be released, as mentioned above.