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Its depends on what you have opted during App configuration , there is a option called 'Limit days to sync' in outlook for android.
Based on the selection it will sync your data from server to your mobile. If you sync for 30 days only 30 days of email would be synced.
so it might grab storage space from your phone based on the sync settings, also you can view the .pst file from your phone using 'periscope file tree' app also its possible to delete that bulky pst file.
you can find more details here ..
https://answers.microsoft.com/en-us/outlook_com/forum/osettings-oemailset/limit-days-to-sync-option-android-outlook-app/273558e6-0e5b-4c15-a201-e0b6bc5f1b30
Thanks,
Dinesh