Under normal circumstances it does not. If you have defender for ARM plan enabled, we can detect the following potentially malicious administrative/management activities:
https://docs.microsoft.com/en-us/azure/defender-for-cloud/alerts-reference#alerts-resourcemanager
Otherwise following the least privileged strategy along with proper RBAC and identity protection in place is the way to go. In addition, all management activities are stored in Azure Activity Logs and can be streamed to a SIEM or alike tools.