I think the appropriate solution here has two parts:

1. For working with Adobe Premier, you most likely need local VM storage. There are different tiers, with HDD being the cheapest and Premium SSD being the most expensive which is probably worthwhile. I would try using an HDD and see if that works well enough. https://learn.microsoft.com/en-us/azure/virtual-machines/disks-types
2. Your web all use case is a different story. That should use blob storage to store data, that will be much easier to work with in the case of a web app. And I assume that a web app is not going to use the files in the same way that Premier will, or even the same files, is that right?

If you really want to re-use blob storage on both the VM and for the web app, you would need to make the blob storage container look like a source accessible natively to Premier running on Windows, using something like this solution here: https://www.msp360.com/drive/microsoft-azure/