You have a Microsoft Entra tenant.

Per Microsoft SC-300 Exam Ref and Microsoft Learn module: Implement Continuous Access Evaluation (CAE), continuous access evaluation is configured and enforced through Conditional Access policies.

CAE enables near real-time enforcement of access decisions based on user or session changes such as account disablement, password reset, or location change — without waiting for token expiration. To apply CAE for specific user groups or roles (e.g., Application Administrators), administrators must create or edit a Conditional Access policy and ensure Continuous Access Evaluation is enabled for relevant cloud apps.

Settings like Admin consent, Sign-in risk policy, and Access reviews serve different functions and do not enable continuous enforcement.

Thus, to configure CAE and assign it to Application Administrators, you must use a Conditional Access policy.