An Azure service that is used to collect, analyze, and act on telemetry data from Azure and on-premises environments.
I have found a resolution to my concerns. While it is true that the creation of a diagnostic setting requires specifying an authorization rule from the Event Hub resource, the actual data ingestion does not require its usage.
It appears that data is being ingested with the use of a first-party Azure identity, which uses Entra-based authentication rather than using the shared access signature required by the authorization rule. As best I can tell, the auth rule is really only used to create a link between the two. I have had local auth disabled on my event hub, and I see events being published in my namespace from the metrics export.
One of the pitfalls of this is that your event hub can be network-isolated (as is best practice), so your chosen networking setup needs to allow the first-party Azure.Monitor app in one way or another. When using virtual network allow-listing you should enable the exception "Allow trusted Microsoft services to access this resource". When using network security perimeter for you event hub, your NSP rules should allow the service tag "AzureMonitor" or potentially "AzureMonitorExportMetrics".