@Karan Nanda Thanks for reaching out to Microsoft Q&A, apologize for any inconvenience caused on this.
I understand that you want to have multiple sender address and also want to enable user engagement tracking option based on the client requirement.
As mentioned in the documentation here, if your communication service is hosted on default throttling limits you cannot add more than one sender usernames and also cannot enable user engagement tracking.
If you see the "+Add" button is grey out in the mail from address blade as shown in below then you are on the default limits.
In order to upgrade from default sending/throttling limits you need to raise a support ticket. Our team will review and raise the limits accordingly.
Also for clients that switch user engagement tracking OFF, will we still get entries into the ACSEmailUserEngagementOperational table in log analytics? Also, will the email event of type: Microsoft.Communication.EmailEngagementTrackingReportReceived be propagated at all or be suppressed?
Email User Engagement operational logs diagnostic setting will capture and store the logs related to when sent email is opened or clicked if there are any links present and are generated when you enable user engagement tracking only.
Hope this helps, let me know if you have any further questions on this.