With option #1 the users will need credentials to access as it won't authenticate and allow outside user access that I am currently aware of but I haven't managed any sort of exchange in several years.
Beware, Shared Mailboxes generate identities, and these identities ARE valid logins.
Now, by default the identity associated with a Shared Mailbox has a blanked password, and while that remains true it cannot be used as a login. However, if you reset the identity's password, the account can be used to access M365 resources, but it cannot be used to access its own mailbox. This creates a potential risk, one that I recommend remediating by blocking the sign-in on all identities associated with a shared mailbox to remediate. There is never a legitimate use case for a shared mailbox identity to be enabled, but it must be present because that mailbox cannot exist without a user.
The users assigned delegate access (permissions) to this mailbox will simply get it automatically in their respective outlooks via their normal M365 login. Shared Mailboxes are very convenient for users as a result.
Oh, and you have Read and Manage, Send on Behalf, and Send as permissions to set for each user.
Send on behalf will show the internal user's email address and name on the emails that come through the shared mailbox.
Send as will make the mails look like they came directly from the mailbox.
Former is good for legal processes and transparency, latter is better for cohesive branding and presentation.