This is a well-known Microsoft app (service principal), so its expected to see it pop up every now and then in things like audit logs or PIM notifications in your case. Why Microsoft is not filtering those out is another question, but at the very least they are now documenting (some of) those: https://learn.microsoft.com/en-us/troubleshoot/azure/active-directory/verify-first-party-apps-sign-in
I'd suggest you double-check the AppID in your scenario and if it matches the one listed in the article above, you can safely ignore the alert.