Hi,
What’s your Exchange version and Outlook version?
In order to better solve your issue, I want to confirm with you how you booked the meeting? What does the automatic update meeting mean?
According to my test in my environment, when I send a meeting request to other users, whenever someone accepts or declined it, my Outlook will automatically update the meeting information.
If you want to update the information of your calendar, please try to click the option “Update Folder” under the Send/Receive.