As I said, PII. So if your only PII is storing the IP one-way hashed and salted, keeping the salt only for a day as like (I think) Plausible does, it’s probably/possibly okay.
Besides that, intent also matters. For example, we had to start logging IPs for every newsletter change, or you can log IPs in your access log for security reasons without consent. Logging the same IP into your analytics tool becomes an issue.