This appears to be a bug in the "New" Outlook app which boils down to how the app caches email attachments on the local PC.
Attachments are downloaded and cached with an unusually long file path in the following location: C:\Users\USERNAME\AppData\Local\Microsoft\Olk\Attachments, and then within further folders named with some sort of GUID, which can potentially hit the upper path length limit in Windows.
I've observed that certain PDF files (typically those larger in size) are cached to the local disk in this location rather that being previewed in memory, and then they become corrupt likely due to the long file paths nested several folders deep within AppData. Even setting the LongPathsEnabled registry key does not seem to solve the issue. Disabling the "Offline" option in Outlook settings has no effect either.
The only workaround that has worked for me is taking ownership of the C:\Users\USERNAME\AppData\Local\Microsoft\Olk\Attachments folder, removing ALL permissions, and setting the folder to Read-Only so the Outlook app can no longer write anything into this folder. This forces PDF attachments to be loaded and previewed without being cached locally first.
This is definitely not an Adobe issue, but rather an issue with the "New" Outlook app which appears to have been recurring for quite some time now. Hopefully Microsoft can find a true fix to this behavior instead of having to rely on workarounds.