IP addresses are considered to be PII so you need to either truncate them before saving or have a deletion routine in place.
IP addresses are PII when they can identify a person, and that's not always the case, e.g. a company network using NAT for outgoing connections so that dozens, if not hundreds of people appear from the same IP address.
How are you supposed/able to make that decision on a log level?
There's no way you can make that decision, which is why the simplest course of action, or the less risky one, is to treat any IP address as it actually conveyed PII, even 192.168.0.1.