Why Product Backlog Refinement (PBR) is not an event but it is an activity?
Scrum doesn’t prescribe how Product Backlog Refinement will occur. Deciding whether to perform this as an ongoing, non-time-boxed activity, or as a time-boxed event is a decision left to the Scrum Team. However, the 4 Events (Sprint Planning, Daily Scrum, Sprint Review, and Sprint Retrospective have certain guidelines on how they have to be performed).
Only rule for PBR is not more than 10% of Development team’s capacity of the Sprint should be spent for PBR.
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