Is Microsoft Graph API authentication required when Google G Suite is connected in EAC?

In our Salesforce org, we are seeing the following notification:

We checked our Einstein Activity Capture (EAC) settings and noticed that Google G Suite is currently connected. We do not have a Microsoft Outlook account connected to EAC.

Based on this configuration, we have a couple of questions:

1. Since our EAC configuration is using Google G Suite, do we still need to upgrade the authentication method from Exchange Web Services (EWS) to Microsoft Graph API?
2. Since Outlook Integration & Sync is enabled, does this require us to migrate from EWS to Microsoft Graph API even though Google G Suite is the connected account in EAC?
3. If the Microsoft Graph API upgrade is still required, what is the recommended authentication level/permission level that should be configured for the Salesforce app in Azure?
4. Is there any impact on our current EAC functionality if we continue using Google G Suite and do not have Microsoft Outlook connected?

I have attached screenshots of our current configuration for reference. 

Any guidance from someone who has already handled this EWS retirement transition would be greatly appreciated.