Tested this and I can see that when I add the ip to whitelist and have box checked for emailing when an admin signs on an email is sent. IP bypass does not work for this. I'll make a note and file a bug report and post here when the dev team gets to it.
The only reason I can think of is what if someone steals your credentials? Then the only way you'd know they were accessing the site, hopefully because you don't share your credentials, right?) was if we sent you an email. Believe it or not, this happened on a site I managed a few years back to another admin's account.
tim