The Licensing Requirements guide says that the license is required for every user who is making use of the service:
For the purposes of this article, a tenant-level service is an online service that—when purchased for any user in the tenant (standalone or as part of Office 365 or Microsoft 365 plans)—is activated in part or in full for all users in the tenant. Although some unlicensed users may technically be able to access the service, a license is required for any user that you intend to benefit from the service.
So if the policies are applied to the admins then it would still be a requirement.
You can also reach out to your licensing/billing representative for questions about specific requirements: https://azure.microsoft.com/en-us/support/options/
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