I'm having the EXACT same issue. The Gmail app works right away and the Outlook app throws a time out. That is, when trying to add an account. And since you cannot create an account, the troubleshooting steps as described in troubleshoot-activesync-with-exchange-server are in vain - there's nothing logged.
As for those troubleshooting steps; I tried them anyway, but I get stuck on EASInspectorFiddler. I downloaded the file, but it doesn't contain any .dll file. Furthermore, the document says "Configure the ActiveSync device to use this workstation as a proxy server" but I don't have a clue how to do that?
To me it looks like there's something wrong with the Outlook app. And troubleshooting is pretty painful, so I hope there's a simple fix?
Simon