View SQL Server 2016 Login Audits
I would change the setting in properties to None and set up a security audit where you have better control on what you want to audit, for how long you want to retain the result and exclude account you do not want to audit.



Create a Server Audit Specification for Failed login only.  You can add other audit action type as you need. 

USE [master]
GO

CREATE SERVER AUDIT SPECIFICATION [Audit_Spec_FaileLogin]
FOR SERVER AUDIT [FailedLogin]
ADD (FAILED_LOGIN_GROUP)
WITH (STATE = ON)
GO


This script will create a new login fail audit. Replace filepath, maxsize, max_files.  To exclude service account replace the value where I have ServiceAccount in the script.

USE [master]
GO


CREATE SERVER AUDIT [FailedLogin]
TO FILE 
(   FILEPATH = N'C:\'
    ,MAXSIZE = 64 MB
    ,MAX_FILES = 50
    ,RESERVE_DISK_SPACE = OFF
)
WITH
(   QUEUE_DELAY = 1000
    ,ON_FAILURE = CONTINUE

)
WHERE ([server_principal_name]&lt;&gt;'ServiceAccount')
ALTER SERVER AUDIT [FailedLogin] WITH (STATE = ON)
GO


Use this process as documented in below link to read the audit file.

https://docs.microsoft.com/en-us/sql/relational-databases/system-functions/sys-fn-get-audit-file-transact-sql

Two more resource to learn about security audit.


SQL Server Security Audit Basics by Feodor Georgiev
SQL Server Audit (Database Engine)