[extra88]

Outlook for Web does have something similar now they call "Outlook service" that loads images through the service under their Privacy and data settings. I think it defaults to "Always use" and the alternative is "Don't use." It sounds like it definitely protects your home IP address from being exposed, it might not prevent a tracking pixel working as read receipt if it doesn't fetch the image until you open the message.

My messages still don't load remote images and are topped with "Some content in this message has been blocked because the sender isn't in your Safe senders list" followed by a link to add the sender's address to the trusted list and another link to show blocked content in this particular message.

I have Apple's Mail desktop and mobile apps set to not load remote content but I think the default is for them to load.