@Micallef, Mark Thanks for the patience on this.
1) Does traffic between ACS and integrated Azure services (ex. Teams) traverse the public internet?
"ACS and Teams users joining Teams meeting via ACS SDKs are using public internet to access ACS and Teams services. Teams users joining Teams meeting via Teams client are using public internet to access Teams services. The traffic is not traversing public internet between ACS and Teams services.
2) Does traffic between ACS and a Trusted Service located in Azure traverse the public internet? -->Could you describe more details about your requirement/use-case.
Hope from above/#1, it clarifies now.