Apologies for the delay in my response, was checking with the team internally on your ask, Below is the update I have
Access to any protected content will go though the AADRM part of AIP. Currently you may export the AIP Service User Logs with PowerShell to see this.
This logging is scheduled to be added to the Activity Explorer data, its in the roadmap - can be tracked here whenever they are new changes to Azure Information Protection - https://www.microsoft.com/en-in/microsoft-365/roadmap?=&filters=&searchterms=azure%2Cinformation%2Cprotection
Reference:
https://learn.microsoft.com/en-us/powershell/module/aipservice/get-aipserviceuserlog?view=azureipps
https://learn.microsoft.com/en-us/azure/information-protection/log-analyze-usage
Let me know if you have any further questions, feel free to post back.
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