Hi Chaitanya,
Azure managed disks appear to the VMs as physical disks, which is why you don't see the network traffic. The traffic occurs between the physical host the VM is running on and the storage cluster and is not visible to the VM.
Excerpt from: https://learn.microsoft.com/en-us/azure/virtual-machines/managed-disks-overview
Azure managed disks are block-level storage volumes that are managed by Azure and used with Azure Virtual Machines. Managed disks are like a physical disk in an on-premises server but, virtualized. With managed disks, all you have to do is specify the disk size, the disk type, and provision the disk. Once you provision the disk, Azure handles the rest.
Below are list of platform metrics for VMs, some of which relate to managed disks:
Supported metrics for Microsoft.Compute/virtualMachines
Monitor Azure virtual machines
https://learn.microsoft.com/en-us/azure/virtual-machines/monitor-vm
Please click Accept Answer if the above was useful.
Thanks.
-TP