Hi Jennifer,
Your contacts are not lost - This is an issue from Microsoft's end I am afraid. There are a lot of reports on this issue. Example:
https://learn.microsoft.com/en-us/answers/questions/5828243/outlook-contacts-are-not-visible
Please take a moment to report this. Click Help > Send feedback in the New Outlook, and let the Team know so they can quickly fix the issue.
I hope this information helps. If you have any more questions, don't hesitate to reach out.
Otherwise, please take a moment to rate the answer. Wishing you good luck!