Have you tried delegating admin or other user permission to manage user1's calendar then cancel it?
Add-MailboxFolderpermission -Identity user1@contoso.com:\Calendar -User admin@contoso.com -AccessRights PublishingEditor
In addition your script above about -ExchangeLocation and -ContentMatchQuery '(Subject:"TEST") AND (To:"user1@Company portal .com") '
The ExchangeLocation parameter specifies the mailboxes to include. Valid values are:
A regular user mailbox. Including other types of mailboxes (for example, inactive mailboxes or Microsoft 365 guest users) is controlled by the AllowNotFoundExchangeLocationsEnabled parameter.
A distribution group or mail-enabled security group (all mailboxes that are currently members of the group).
The value All for all mailboxes. You can only use this value by itself.