What should work ist to install Outlook. But some people such as me may not want to install Outlook.
However there should be the option to sync with the account manager since it provides the option of adding a M365 account. I guess this is what you mean by "exchange".
When I try to add a Microsoft 365 account I get a message to open either Word, Excel, Power Point or OneNote in order to add an account. Then, the dialog closes. I have Excel installed and I am logged in. I do not find an option to add the calendar to Android system in Excel and I am quite sure there is no such option in Word or PowerPoint either.
I do not have Play Services in my work/owner profile.
Has anyone gotten this to work?