@Dinesh Sreerangan , Thanks for posting in Q&A. Based on my researching, I find the "AllowStorageSenseGlobal" only apply to windows 10 1903 and later with edition Pro, Enterprise, Education, Windows SE and IoT Enterprise / IoT Enterprise LTSC. Please confirm if the affected device has met the requirement.
Meanwhile, I notice you find the policy shows successfully in Intune. Please also check on the affected device to see if the Storage Sense is turned on under Settings > System. Under Storage and if the configuration is correct set after we select "Configure Storage Sense or run it now".
https://www.anoopcnair.com/configure-storage-sense-in-intune-mem/
Note: Non-Microsoft link, just for the reference.
If there's any update, feel free to let us know.
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