HI @White, Steven ,
Yes, your scenario is possible but not with Azure VPN Gateway. You need to deploy Azure WAN service where you can deploy VPN gateway and advertise 0.0.0.0/0 route to On-Premises and route the Internet traffic from On-Premises to Azure via VPN gateway.
Reference: https://learn.microsoft.com/en-us/azure/virtual-wan/about-virtual-hub-routing
Regards,
Karthik Srinivas