@Venkata Emani yes, you can do so. This setup allows you to maintain real-time monitoring and analysis capabilities in the Log Analytics workspace while also having a backup of logs for internal auditing purposes in the storage account. However, this will result in increased costs as storing logs in both the Log Analytics workspace and a storage account will incur additional costs. It’s important to monitor and manage these costs, especially if you have a large volume of logs.
Apart from that, I do not see any disadvantages or impact of this setup.
Hope this helps.