An API that connects multiple Microsoft services, enabling data access and automation across platforms
Microsoft Graph API does not support SMS notification out of the box as this should be done on your side.
However with Graph, you could subscribe to change notifications for bookings and implement the SMS on the webhook service the support for Bookings webhook events is currently not supported. There is a feature request for it here MS Bookings: Event (WebHook) on new scheduled Booking that I suggest you upvote so that it may be implemented.