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Hi,
This is event log to track printer usage, which can be utilized when troubleshooting a printing issue.
Please also note that the PrintService Operational Log will log a great number of events on a busy print server and should only be enabled for troubleshooting purposes.
Disable the log once troubleshooting is completed. You can increase the log file size if necessary to accommodate the amount of data you need to collect to troubleshoot your situation.
Reference link:
PrintService Event Log Channel
Hope this would be helpful.