Microsoft 365 includes Azure AD Premium P1. You would need Microsoft 365 E5 or EMS E5 to get P2.
EMS E3, Microsoft 365 E3, and Microsoft 365 Business Premium includes Azure AD Premium P1. EMS E5 or Microsoft 365 E5 includes Azure AD Premium P2.
That said, Azure AD Premium P1 does include Conditional Access, but you need P2 to get risk-based Conditional Access.