Each account that consumes a P2 service requires a license. You can have one P2 to setup the feature and enable it but each user that takes advantage of that service needs to be licensed to be compliant. For example: if you were to have your entire Entra tenant utilize Privileged Identity Management (PIM), they must be assigned to the administrators and relevant users who intend to use PIM.
You can see the features here:
Also see: Microsoft 365 guidance for security & compliance
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Regards,
Abiola