I recently got an FP5 from my company. I use this in enterprise mode (privatespace and workspace).
I tried to install my S/MIME certificate, which was gernerated from ssl.com. The import was without problems but I can`t activate signing or encryption. When I look at the certificate details then I see that its tells me that the verification expired somehow. I have no error message.
Recently there was a topic about a different S/MIME problem. I assume it won’t be a solution for you but over there the problem was that a certificate did not work in emclient but the same certificate did work in Fairmail.
So just as a cross check, could you try if it works in Fairmail (an open source client)? That may give a hint if it’s the cert or Outlook causing the trouble.