I apologize for missing this before. There are 2 reasons this could be happening.
The first, which is most likely, is that you aren’t seeing the correct IP of visitors. This would be shown on Live Traffic because your IP addresses would all look the same. You can check the Wordfence Dashboard > Global Options page in the General Wordfence Options section for “How does Wordfence get IPs”. You’ll see several options there and as you choose each one (You don’t have to save the changes yet) you may see the IP address next to “Your IP with this setting” below it change. That IP needs to match your public facing IP address. Once it does, click the Save Changes button at the top of the screen.
The second reason problem that might be happening and contributing to the issue is that your Rate Limiting Rules might be set too tightly. This is on the Firewall > Rate Limiting page on your site. Look for the rule for “If a human’s pages not found (404s) exceed”. I usually set that to 60 per minute and then throttle. The block time is set to 30 minutes. You might do well to look at the Wordfence Tools > Live Traffic page and filter for “Pages Not Found”. This will show you what these visits are getting blocked for. Sometimes it is as simple as a missing gif or image. If you see repeated requests for one, go look and see where it should be or at the page source to see what is calling it. You can fix it there or go back to the Firewall > Rate Limiting page again and add the image to the section next to “Whitelisted 404 URLs” that will exclude those patterns.
Hope this helps
Tim