In Lightning Experience, an Admin must setup EAC so attendee email notifications may be sent externally from Salesforce via user's Outlook or Gmail Calendars. See the "How Are Event Invitations Sent to Attendees?" section of the Event Attendee Sync documentation for more details.
When creating a new event in Classic, the invitee's list or 'Select Invitees' section the Event edit page must consist of two or more people in order to see the 'Save & Send Update' option to send an email notification to the new event's invitees.
See Invite People to an Event and Schedule Resources in Salesforce Classic for more details on the 'Save & Send Update' functionality.
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