I have gotten a potential answer from the SDK GitHub page. Pasting here to close this out.
https://github.com/microsoftgraph/microsoft-graph-docs/issues/17568#issuecomment-1175965263
Thank you for asking this question.
Yes, for some APIs such as those to manage Bitlocker keys, you need both Microsoft Graph permissions and an RBAC role. This double requirement helps ensure only explicitly privileged callers can access the information available through such APIs.
As for the Global Reader RBAC role being overprivileged for your use case - Microsoft Graph and Azure AD also provide you an option of creating custom roles that can be more finely-scoped compared to the built-in roles. With custom roles, you cherry pick the allowed actions and add them to a role definition for a custom role using the Create roleDefinition API.
So for your case, you want an admin with the privilege to carry out only this action: microsoft.directory/bitlockerKeys/key/read. You can create the custom role and then assign the custom role to a user or group allowed to call the Get bitlockerRecoveryKey.
Let me know if this helps.