Storage Account v1 only supports LRS, GRS and RA-GRS
Storage Account v2 Premium only supports LRS and ZRS
Access Tiers are only Supported by Storage v2 and BlobStorage
Performance Tiers
Standard Performance
The cost effective storage solution and used for general access
Uses HDD for storing the data
Premium Performance
Useful for high throughput applications where low latency is required and small transactions are performed frequently
Useful for interactive workloads, analytics, AL/ML and data transformation
We cannot use Files, Queues and Tables in this Storage Account
Of the Blob types only Page Blob is supported (They are used to store VM Disks)
A BlockBlobStorage needs to be created to use the other two blob times in this tier