I have never used this feature, but an AI search provided the following, which I haven't tested, so cannot confirm it will resolve your issue. Give this a try:
"To connect an iPhone to a Microsoft Exchange calendar for free/busy scheduling, you must add the Exchange account directly to iOS settings rather than using a third-party "free/busy" tool, as iOS natively syncs availability via the Exchange protocol.
- Add Account: Go to Settings > Apps > Calendar > Calendar Accounts (or Settings > Calendar > Accounts on older iOS versions), tap Add Account, and select Microsoft Exchange.
- Authenticate: Enter your Exchange email and password. iOS will typically auto-detect the server settings; if prompted, enter your Outlook Web Access (OWA) address.
- Enable Calendars: Ensure the Calendars toggle is switched On during setup.
- This enables two-way sync, allowing your iPhone to report your availability to colleagues and view their free/busy status via the Scheduling Assistant in Outlook or Apple Calendar."