What Scheduled is
Where an email you've asked to send later waits until its moment comes.
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Scheduled sits below My work in the sidebar and holds exactly one thing: Send Later, every email you've asked TeamEmail to send at a time you chose rather than the moment you finish writing it.
An email lands here the moment you choose a send time instead of sending straight away, from the arrow beside Send email. See Send Later for scheduling, editing or cancelling one.