Hi @Liav Regev,
Thanks for posting question on Microsoft Forum,
To answer your question, this behavior is expected. The lastModifiedDateTime field in Microsoft Graph's getAllMessages API only updates when a message is edited or deleted, but not when a reaction is added.
As of now, there isn't a direct way to track reactions added to previously-read messages using this endpoint but you may consider using the delta query feature in Microsoft Graph to track changes in messages over time, or explore the chatMessageReaction resource to retrieve reactions separately.