Relationship between MIP and DLP

Hi, ajdluistro -- MIP is more like the underlying pillar that helps DLP crawl into workspaces to find sensitive data: 
"With Microsoft Information Protection as the underlying pillar for all security solutions in the Microsoft suite, you can discover, classify, and protect sensitive information. This capability is being leveraged by DLP to crawl into your workspaces, look for your sensitive data, and alert you of possible exposure to help you take immediate action.

It is also used to create content flows and new workflows because of its capability to reuse information tagged to your documents and assets, which helps DLP classify your sensitive content better."

It's from this article: How to Protect Sensitive Microsoft 365 Data With Data Loss Prevention