Hello Travis, Welcome to MS Q&A
In Azure, VM types with and without 's' (indicating support for premium storage) are generally considered separate SKU pools. This means that if a non-s instance (e.g., D4d_v5) is out of stock, it is possible that the corresponding s instance (e.g., D4ds_v5) might still be available.
However, non-s instances cannot be allocated on hardware reserved for s instances, and vice versa. Therefore, if you encounter a stock-out situation with a non-s instance, it is indeed worth trying the corresponding s instance in an automated fashion to check for availability.
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Deepanshu