In Outlook desktop, I have my =365 and my outlook.com (hotmail) account.
I have connected a Sharepoint online calendar from Team site.
I also have a subscription for an external calendar through my hotmail account.
Every time I open the subscribed calendar, the SPO calendar closes and disappears from the Calendar list.
If I uncheck the subscribed calendar, close Outlook and reopen, the SPO calendar is back.
I have tried to subscribe to the external calendar directly to Outlook, instead of going through Hotmail - same result.