AFAIK, in general, the recommended approach is to place each WAN-facing network interface in its own dedicated subnet. This provides better traffic isolation, clearer routing boundaries, and simplifies applying different UDRs, NSGs, and monitoring policies for each traffic type. It also makes future troubleshooting and expansion easier.
Using two WAN interfaces in the same subnet is generally supported by Azure if the NVA vendor supports multiple NICs on the same network segment, but it offers little benefit. Both interfaces share the same routing domain, making it more difficult to enforce separate routing policies or independently manage IPsec and Internet traffic. It can also complicate asymmetric routing scenarios if traffic inadvertently leaves through a different interface than it arrived on.
If your goal is to segregate on-premises IPsec traffic from Internet ingress/egress, consider assigning each WAN interface to its own subnet. The NVA can then use separate routing policies or policy-based routing internally, while Azure UDRs direct the appropriate traffic to the correct interface. This design aligns with the principle of separating trust boundaries and is generally easier to operate in production.
However, the final design should also follow your NVA vendor's reference architecture, as some appliances have specific requirements or recommendations for multi-NIC deployments, asymmetric routing, and source NAT. Vendor guidance whould take precedence where it differs from generic Azure networking practices.
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hth
Marcin