Hello @Venkata Gudivada ,
Thank you for reaching out to Microsoft QnA. Happy to answer your question.
No, this single list call will not hit the individual regions where your resources (VMs in your case) are hosted. Rather, this call will go to the ARM, and ARM itself will fetch the list of the VMs from the metadata of all resources that it stores. This call will only go to the ARM instance in one specific region, i.e, the nearest region to your current location from where you are making the call.
To help understand better, think of ARM as a consistent management layer that stores the metadata for all resources. So, whenever anyone makes a get/list request, the list of resources will be fetched from the ARM itself, and it will not go to the individual regions where the resources are located.
Hope this helps.
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