A Microsoft app for iOS and Android devices that enables authentication with two-factor verification, phone sign-in, and code generation
I experienced the same issue. For me it was solved by opening Microsoft Authenticator in Secure Folder.
I haven't selected Microsoft Authenticator to be installed in Samsung Secure Folder, but it was added to Secure Folder apps.
After launching Microsoft Authenticator from Samsung Secure Folder and pressing skip on sign in / import, I was able to launch the app from normal app drawer.
Hope it works for you too.