This scenario should be possible as long you get the routing sorted from Azure to on-premises networks and back from on-premises network to Azure networks.
You have 2 helpful options in the configuration of the vnet peerings: "Allow Gateway Transit" and "Use Remote Gateway" on the "Azure part". The routing on-premises you have to get sorted by adding the appropriate routes to the Azure vNets.
Maybe this is helpful.
(Please don't forget to Accept as answer if the reply is helpful)