Hi David,
Yes, you could run it on more powerful [than your local PC] Azure VM, provided you have the proper licenses (e.g. M365 Business Premium, M365 E3/E5, etc.).
Whether or not it will be faster is something you will need to test. I don't know how different hardware variables affect your specific workload.
Please click Accept Answer and upvote if the above was helpful.
Thanks.
-TP