Microsoft 365 features that help users manage their subscriptions, account settings, and billing information.
That's interesting and seems to imply some kind of on-prem aspect to this in your case, since GPupdate had relevance. I wouldn't have expected that given what it is. On the system I'm looking at, which is not one joined to a local Active Directory, the DeviceManagement log has a cadence of every 24 hours, as in every 24 hours (I assume) it tries to phone home to Microsoft AAD relative to this feature. If the problem continues, I would expect to see it again tonight.