A cloud-based identity and access management service for securing user authentication and resource access
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According to the answer in this thread:
the unified Authentication methods policy in Azure AD consolidates multifactor authentication (MFA), SSPR, and passwordless authentication methods into one management location and allows for more granular control over authentication methods
So, it won't be a requirement to use Conditional access or acquire a bunch of Azure AD Premium P1/P2 license. Please review the following documentation for:
- How to migrate MFA and SSPR policy settings to the Authentication methods policy for Azure AD
- and Manage authentication methods for Azure AD
Hope this helps!
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