As of today (2024) with Outlook 365 on W11, it’s interesting to check that this filter is working:
(A) this one in the local language shows today’s emails received within that specific local time:
recibido:>10:00 recibido:<12:00
(B) surprisingly this other one in English shows any day emails received within that specific GMT time:
received:>10:00 received:<12:00
I leave to other international forum members to assess how, why, what happens in their case.