In a scenario with two GPOAdmin Servers, one of the nodes does not receive email notifications from its Exchange mailbox.
In this case when using basic SMTP GPOADmin stores the data in the registry location HKLM/Software/Quest/GPOADmin/ServerConfig/Mail, while when using Exchange or GMail for notifications / workflow email using OAuth2 the information will be stored in the database in the ServiceOptions table which has one entry for each GPOADmin server sharing the database.
The issue is that username/password entries in the registry can be the issue, as one of them may have old, incorrect information. Removing these and reconfiguring it resolved the issue.