Azure AD Premium P2 requires Azure AD Premium P1 subscription as well?

While assigning the M365 E5 security addon license (contains Azure AD Premium P2)  on a user with a O365 E3 subscription, the assignment fails due to the following error shown in Azure AD.

Same issue within Office 365 admin center.

I cannot find any reference that when Azure AD Premium P2 requires a Azure AD Premium P1 license as well.
The pricing page also clearly states:

"Premium P2

Azure Active Directory Premium P2 includes every feature of all other Azure Active Directory editions enhanced with advanced identity protection and privileged identity-management capabilities."

source: https://azure.microsoft.com/en-gb/pricing/details/active-directory/

Any guidance/documentation around this issue?

Error message in Azure AD when assigning the license:

"failed to add license: The service Azure Active Directory Premium P2 requires Azure Active Directory Premium P1 to be enabled as well"