Hi, yes my understanding is that the Azure App Proxy connector will access your private network (i.e. bypass your External Facing F5 LB s it sits on an internal server with access to your app) Have you considered setting up an internal load balancer scenario (i.e. create a Private VIP) and have DNS configured that the connector service resolves your internal APP via the URL to the F5 internal VIP?
I guess depending on which auth method you need to use would depend on whether you need to do anything clever with the LB, but if you are just load balancing 443 and or 80 then this should work fine for you!
Hope this helps
John