I was having this same issue before upgrading to Sonoma and thought I fixed it by ensuring my default calendar was set to my exchange calendar.
I worked with Apple and my local digital team (work computer) with no success. Apple support said I should reach out to Microsoft directly.
Unfortunately, I am having the same issue with Mac OS calendar only. iOS syncs fine with exchange both ways but the Mac OS calendar is completely unreliable.
Here is another thread that talked about the issue in more depth on the previous OS. The last page was reported to still be in Sonoma as well :/
Mac Calendar not syncing with Exchange on… - Apple Community