I want a PST copy of my Gmail account. Google Takeout only gives me MBOX. Can I do it with Outlook?

Yes, through IMAP.

1. In Gmail turn on IMAP: Settings > See all settings > Forwarding and POP/IMAP > Enable IMAP.
2. Add the Gmail account to classic Outlook. Sign in with your Google account when the window opens.
3. Let Outlook download all folders. For a big mailbox that takes hours.
4. Go to File > Open & Export > Import/Export > Export to a file > Outlook Data File (.pst).
5. Choose the Gmail folders (tick Include subfolders), select a file name and finish.

Gmail labels show up as folders, and a message with two labels appears in both folders, so the PST can be bigger than the mailbox. Check that All Mail is not selected together with the labels if you want to avoid duplicates.

Used the IMAP method. The PST has all my labels. File is 2GB bigger than Gmail said, because of labels, as you said. Fine for me.