If you are deploying SQL Server in Azure or any Cloud platform for that matter, instead of just provisioning storage like you did for your on-premises deployments for many years, you may consider that storage in Azure isn't exactly like the storage you may have had access to on-premises. Some traditional "best practices" may wind up costing you additional money and give you less than optimal performance, all while not providing you any of the intended benefits. Much of what I am about to discuss is also described in Performance Guidelines for Azure in SQL Server Virtual Machines.
I'm not here to tell you that you must use UltraSSD, Premium Storage, or any other disk type. You just need to be aware that you have options and know what each disk type brings to the table. Of course, like anything else in the cloud, the more money you spend, the more power, speed, throughput, etc. you will achieve. The trick is finding the optimal configuration so that you spend just enough to achieve the desired results.