I had to take my exchange emails off. I completely deleted all emails, plist, preferences and it still came back when I added specific exchange emails.
I have six emails. I added one back at a time. Noticed that it was two of the six wreaking havoc.
Then I found this article by this guy.
https://buymymonkey.wordpress.com/2019/10/27/osx-catalina-cpu-spike-checking-mail-after-upgrade/
Please, don't do any of this unless you're running out of hope.
What has worked for me after adding one email back is/was #11
This right here
11. Uncheck “Automatically manage connection settings”.
However, with two of my other exchange emails it went nuts again. I believe it's one of two things. It's either looking for folders and emails it once had or it's looking for something else.
This guy on that article had a good point with Keychain, but it didn't help me. I didn't see any ghost key.
Tomorrow I'll add back two more of my six. See how it goes.
I believe this issue is related