No. I'm not talking about an app, though the Hub of course is an app.
Different services call this by different terms, but same thing. Microsoft calls it an app password. You generate an app password for use instead of your account password, and you generate a different new app password for each different application. For example, you may have Outlook by which you access your Outlook email account on your desktop computer, and your Microsoft Outlook account in the Hub app on your device. You would generate an app password for the desktop and then another for the device.
Now, I'm not sure if Microsoft is forcing 2FA and app passwords or not. I've been using 2FA and app passwords for a long time now. If I were in your shoes, I would enable 2FA on you Microsoft account (if you haven't already), then generate an app password and use it for your Outlook account settings in the Hub.