Hey there, Pawar, Monica
thanks for posting in QandA platform
Yes, activating the Microsoft Entitlement Management license is mandatory to create an access review in Azure AD.
and Yes, again only the Identity Governance Administrator's permission is required to create an access review. However, this permission is associated with the Microsoft Entitlement Management license, so having the license assigned to the user performing access review management tasks is necessary.
If this helps kindly accept the answer thanks much.