the TPMS aren't that accurate such that one could easily trigger a warning 1 pound of pressure less or more. That said, the sensors are set to the recommended pressure, i.e., 42 psi. When you get down to 34, it is ~80% of recommended. Not surprised that it triggered. (They used to trigger <90%).
You don't have to set them at 42 (Elon says 39 gives a more comfortable ride), but 34 is gonna get you a warning (and will wear more on the outside of the tires).