I have 3 iPads and 1 iPhone. I have 12 email accounts. So that’s 48 email accounts to delete and add back if you are taking that as the “solution” and yes, it seems to work so far. Yes, I’m entering the account information manually as per the recommended resolution, but I did that when I added the accounts the original time.
Fortunately, the problem is only occurring on Outlook accounts on iOS devices at 14.2 so for me that reduces it to only 20 accounts to delete and add back. My 2 older Apple devices can’t update to 14.2 and they have been unaffected by the problem so far.
I can’t see blaming Outlook because I even had the issue with one Gmail account temporarily (it resolved itself without any action on my part). As well, Outlook is working fine in all situations except the specific problem case.
After about 12 hours using the recommended resolution, the only email accounts I’m having trouble with are a few of the 20 Outlook ones that I have yet to redo on my iOS 14.2 devices. Seems 100% consistent to me.
What bothers me is that this could happen again with the next iOS update since I have not seen any signs of understanding what caused the problem. All we have is a circumvention that seems to be working for the moment.