The VM may shows running power state and healthy status, but the Azure VM Agent might not be fully operational .Reinstalling or upgrading the VM Agent often helps resolve this issue.
Troubleshoot Azure Windows VM Agent issues : https://learn.microsoft.com/en-us/troubleshoot/azure/virtual-machines/windows/windows-azure-guest-agent
Troubleshooting Azure Windows VM extension failures : https://learn.microsoft.com/en-us/azure/virtual-machines/extensions/troubleshoot
Resource exhaustion inside the VM such as CPU, memory may cause the VM to become unresponsive while still running. Using Azure Performance Diagnostics can help diagnose internal resource issues during the downtime. - https://learn.microsoft.com/en-us/azure/virtual-machines/monitor-vm
Azure Load Balancer or health probes might mark VM as healthy, but if the probe port is closed or the application is not listening on that port, the VM won't respond to traffic.-https://docs.azure.cn/en-us/load-balancer/load-balancer-troubleshoot-health-probe-status
Install and configure the Azure Diagnostics extension for Windows (WAD) :https://learn.microsoft.com/en-us/azure/azure-monitor/agents/diagnostics-extension-windows-install
Use monitoring and diagnostics with a Windows VM and Azure Resource Manager templates : https://learn.microsoft.com/en-us/azure/virtual-machines/extensions/diagnostics-template
Monitor Azure Virtual Machines: https://learn.microsoft.com/en-us/azure/virtual-machines/monitor-vm
Network security groups (NSGs) or firewall rules may intermittently block traffic. Review network configurations and logs to confirm connectivity is stable
Just checking if above provided information was helpful to you. Please let me know if you have any queries.