Rephrasing the question :

Does AES provides all features offered by any other Alert and Log monitoring tools like Splunk ?

I suggest you configure and use PDC ( https://community.pega.com/knowledgebase/products/predictive-diagnostic…​ ) which is more developed to give better monitoring aspects w.r.t PRPC

Pega Platform sends AES node health information, alerts and exceptions. AES is not a general purpose log parser / aggregator like splunk - it does pega-specific analysis for pega-specific messages. 

As noted, PDC offers same capabilities but as a free SAAS service, and has significantly better analysis and support features than AES 73

PDC & AES are Pega specific event monitor tools & Splunk is a generic tool. Splunk can be used to correlate the data from different surrounding & depending systems (at a specific time) where AES & PDC provide the info from Pega app perspective .