@Sadanand Khatri Thank you for reaching out to Microsoft Q&A.
By default, when you create a function app running on Elastic Premium plan the health check will be in disabled state only. Yes, If you want you can disable it but please verify if you are using this status check in any of the other component.
To disable Health check, you can go to the Azure portal and select your App Service app. Under Monitoring, select Health check and then select Disable. Please note that disabling Health check may impact the performance of your app.
For more information you can refer to this documentation about the health check feature on App service.