SQL Server storage limits on Azure
Yes, all the storage that you can attach to a single Azure VM is 16TB so that's the practical limit on storage for a single server.

Now that said, there isn't a problem that can't be worked around.

If you needed say a 100TB database, you could spin up 7 VMs, attach 16TB of storage to each one.  Then spin up an 8th VM which has SQL Server on it, then create the database using SMB network shares on the 7 other machines storing the database on the 7 remote machines.