I'm facing the same admin approval issue now. Were you using Azure AD Graph previously? I have to explain the change to our MS admins.
No, this change is not about Azure AD Graph. Azure AD Graph is a directory API and is being retired by Microsoft.
Aqua Mail has moved Microsoft 365 accounts to Microsoft Graph for mailbox access and modern OAuth authentication. Because this uses a new Microsoft app/API permission set, your tenant may require admin consent again, even if Aqua Mail or older access was previously approved.
Your admins should check Microsoft Entra ID > Enterprise applications and grant admin consent for the Aqua Mail Microsoft Graph permissions required for mail access. This approval is controlled by your organization’s Microsoft 365 security policy and cannot be bypassed by Aqua Mail.