Q. How can I cancel a meeting scheduled in Teams?
A. From the Teams calendar, open the meeting edit screen and click "Cancel meeting" to cancel the meeting.
Only the meeting organizer can cancel a meeting.
By setting a co-organizer in the meeting options, co-organizers can also assist with managing the meeting. For details, please refer to the following site.
Reference: Add co-organizers to a meeting in Microsoft Teams
Even after canceling a meeting, the join link remains active. To restrict access via the link, we recommend setting the lobby option before canceling the meeting.
Reference: How to prevent invitees from joining a canceled Teams meeting.