Hi, after following some of the suggestions made earlier in this thread, like you I saw that the level of info of the SMTP log that I was able to produce and view through the Server.app was not as detailed as I needed and remembered from earlier Server versions. Luckily, I was able to adapt another suggestion and figured out how to save more detailed log info to a textfile.
Upon boot-up, I issue the following command in Terminal:
log stream --predicate '(process == "smtpd") || (process == "smtp")' --debug > /Users/admin/Desktop/"$(date +%Y%m%d-%H%M%S).txt"
Then I minimize the Terminal window to the dock. The command creates a dated textfile on my desktop that stores a running mail log, fully detailed with "sent" indications, IP addresses, etc., like I used to get in the mail log using Server.app. Yes, it's not ideal since I have to keep the Terminal running in order to capture this info, but our server doesn't have anyone working at it regularly, so the Terminal can run undisturbed in the dock. When I want to end one of these textfiles and begin another, all I have to do is quit Terminal, store the generated textfile somewhere convenient, and then re-issue the above command to begin a fresh textfile "log". Obviously on your server, you would change the username in the command to your own, and change the saved path as well, if desired.