@nimi , Firstly, Apologies for the delay response!
Azure virtual machines have input/output operations per second (IOPS) and throughput performance limits based on the virtual machine type and size. OS disks and data disks can be attached to virtual machines. The disks have their own IOPS and throughput limits.
On-demand bursting options only apply to premium disks products at this time, where you can get unlimited burst performance on a pay as you go model.
VM bursting is only credit-based at this time, where you can only get up to 30 minutes of max bursting consecutively.
Here’s some articles which provides detailed information of your scenario:
https://learn.microsoft.com/en-us/azure/virtual-machines/disks-performance
https://learn.microsoft.com/en-us/azure/virtual-machines/disk-bursting
If you have any additional questions or need further clarification, please let me know.
----------
Please do not forget to and “up-vote” wherever the information provided helps you, this can be beneficial to other community members.