Once the support for TLS 1.0/1.1 is removed, it will have an impact on any VM to VM connections and external to VM connections that pass through the Azure infrastructure. These connections rely on virtual/physical firewalls, routers, gateways, and other components within Azure.
You need to take action as early as you can, such as upgrading to the latest Windows version that supports TLS 1.2/1.3.