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The last activity can show data even when the total activity time does not. I have had people register activity in a course, even though the admin page views do not show anything. On the other hand, the total activity is supposed to register interactions longer than 2 minutes, but given the way the documentation works, it doesn't say anything about interactions that are less than 2 minutes so they may or may not get counted.
What you're seeing could easily be explained by the student doing something, but spending less than 2 minutes in the course doing it.
I download the last_activity_at and total_activity_time each night for our early alert system. Here's an example from a student of mine who was mostly absent from my class after the COVID-19 shutdown. Notice that the last_activity_at changed on 4/29 but the total_activity_time did not.

Measuring activity in a course is unreliable at best and people often take it to mean something that it doesn't.
More information what is considered activity is is contained in How do I use the People page in a course as an instructor?
Last Activity [6]—displays the date and time of a user's most recent interaction in the course. This time stamp updates when a user navigates through the course using the Course Navigation menu, replies to a discussion or submits an assignment or quiz, and when they access course files and pages. Please note that Last Activity does not include mobile interactions or group participation.
Total Activity [7]—allows you to see how long students interact within a course and counts page navigation only. Total activity time is displayed in hours:minutes:seconds. If a user has not yet reached an hour of activity, total activity time is displayed as minutes:seconds. Total Activity records any time spent viewing course content that exceeds two minutes. If the time between a new activity and the last completed activity is under ten minutes, all time between these two events will also be included. Total Activity does not include group activity or page views for videos that do not include intermediate page requests, such as a half-hour recorded lecture. To view specific page views for a student, view the student's course access report.
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