Meeting reminder settings are applied at the Meeting Type level and fire regardless of whether an external guest is on the invite. Teams that use a single Meeting Type for both prospect-facing meetings and internal handoffs end up sending reminder emails to external guests in situations where no guest is actually invited to the calendar event.
Admins should be able to configure a reminder to send to internal users only, so that external guests are never contacted when they are not part of the meeting.
Teams with shared Meeting Types across internal and external use cases have no way to prevent unwanted outbound reminders today. Sending a reminder to a guest who was never invited creates confusion and a poor experience that reflects badly on the sending team.