Hi All - This issue with impacting multiple customer with same issue, Currently Microsoft Product team checking this issue.
Will inform you about the finding.
Event receiver threw an exception: System.ArgumentException: Column '_ip_UnifiedCompliancePolicyUIAct' does not exist. It may have been deleted by another user. at Microsoft.SharePoint.SPFieldCollection.GetField(String strName, Boolean bThrowException) at Microsoft.SharePoint.SPListItem.get_Item(String fieldName) at Microsoft.Office.CompliancePolicy.SharePoint.SPCompliancePropertiesUpdateSuppressionReceiver.SuppressUpdate(SPItemEventDataCollection beforeProperties, SPItemEventDataCollection afterProperties, SPItemEventProperties properties) at Microsoft.Office.CompliancePolicy.SharePoint.SPCompliancePropertiesUpdateSuppressionReceiver.ItemUpdating(SPItemEventProperties properties) at Microsoft.SharePoint.SPEventUtility.RunItemEventReceiverInProc(SPItemEventReceiver receiver, SPItemEventProperties properties) at Microsoft.SharePoint.SPEventManager.RunItemEventReceiver(SPItemEventReceiver receiver, SPUserCodeInfo userCodeInfo, SPItemEventProperties properties, SPEventContext context, String receiverData) at Microsoft.SharePoint.SPEventManager.RunItemEventReceiverHelper(Object receiver, SPUserCodeInfo userCodeInfo, Object properties, SPEventContext context, String receiverData) at Microsoft.SharePoint.SPEventManager.<>c__DisplayClass77_0`1.<InvokeEventReceiver>b__0() at Microsoft.SharePoint.SPSecurity.RunAsUser(SPUserToken userToken, Boolean bResetContext, WaitCallback code, Object param) at Microsoft.SharePoint.SPEventManager.InvokeEventReceiver[ReceiverType](SPUserToken userToken, Guid tranLockerId, RunEventReceiver runEventReceiver, Object receivers, Int32 n, Object properties, SPEventReceiverOperationsType operationsType, Boolean& canceled, String& error) at Microsoft.SharePoint.SPEventManager.InvokeEventReceiversInternal[ReceiverType](SPRemoteEventReceiverCallType remoteCallType, SPUserToken userToken, Guid tranLockerId, RunEventReceiver runEventReceiver, RunRemoteEventReceiver runRemoteEventReceiver, Object receivers, Object properties, Boolean checkCancel, SPEventReceiverOperationsType operationsType)
Thanks