Currently, there is no one-click solution provided by Microsoft Graph API to grant an application read permission to all OneDrive sites of users in a specific group when the application only has Sites.Selected permission. The process you described is indeed the standard method, which involves multiple API calls to fetch user IDs, their OneDrive URLs, and then set permissions for each site individually.
The Sites.Selected permission requires explicit permission assignments for each site, and thus, automating this process would typically involve scripting or developing a custom application that performs these steps programmatically. However, as of now, Microsoft does not offer a built-in feature that simplifies this to a single action or click.
If you're looking for a more efficient way, consider creating a script or application that encapsulates the steps you outlined, allowing you to input just the group id and handle the rest programmatically. This could significantly reduce the manual effort involved in the process.
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