Hi @Glenn Hunter ,
I started an internal thread about this topic with the engineering team so that we can get more specific potential scenarios, and since I see that you are internal you can feel free to reach out to me. We can update this thread with additional information that we receive.
However, the documentation also indicates that ARM is a higher assurance service with some high impact behaviors that could result in increased security considerations. My understanding of this is that this is from a security best practice and compliance perspective, since you could potentially be managing sensitive resources via automation.
References:
https://learn.microsoft.com/en-us/azure/azure-resource-manager/management/overview
Feel free to reach out to me on Teams though. For future reference, I would recommend checking in the Azure Managed HSM internal channels for these types of questions.