After scratching my head for a few hours before posting this question I have found what was causing this:
https://learn.microsoft.com/en-us/powershell/module/exchange/set-calendarprocessing?view=exchange-ps
The default value for the -RemovePrivateProperty is $true
Can anyone explain why this is the default value, what the implications are of setting this to $false are and has this changed recently as I'm pretty sure this used to work (unless my previous testing was withing a couple of seconds but that was a few months ago now)