Having OpenShift Container Platform 4 deployed on Microsoft Azure, following https://docs.openshift.com/container-platform/4.13/installing/installing_azure/installing-azure-default.html#installing-azure-default, we can see that Azure-File CSI driver creating a new Storage Account when PersistentVolumeClaims are created in waves and the default Storage Account have a Private Endpoint configured (see https://learn.microsoft.com/en-us/azure/storage/common/storage-private-endpoints).

I1212 12:45:34.387476       1 azure_storageaccount.go:292] azure - no matching account found, begin to create a new account fee0f053a2c3545b09a26aa in resource group foosand-s7mtw-rg, location: eastus, accountType: Standard_LRS, accountKind: StorageV2, tags: map[k8s-azure-created-by:azure]
I1212 12:45:34.387493       1 azure_storageaccount.go:317] set AllowBlobPublicAccess(false) for storage account(fee0f053a2c3545b09a26aa)

Above is the effect reported by azure-file-csi-driver-controller but it's not clear why no matching Storage Account can be found as those were not modified except for the Private Endpoint that was added.

OpenShift Container Platform 4.13 (but likely other version as well)

Always

1. Install OpenShift Container Platform 4 following https://docs.openshift.com/container-platform/4.13/installing/installing_azure/installing-azure-default.html#installing-azure-default on Microsoft Azure
2. Deploy Private Endpoint for the two Storage Account created by default in Microsoft Azure (see https://learn.microsoft.com/en-us/azure/storage/common/storage-private-endpoints). There is one Storage Account for general Storage objects and one specifically for the OpenShift Container Platform 4 - Image Registry. Both need to have the private endpoint as otherwise the effect is not seen.
3. Deploy https://github.com/sreber84/argo-cd by applying https://github.com/sreber84/argo-cd/blob/main/openshift-gitops/waves.yaml after OpenShift GitOps was deployed on the OpenShift Container Platform 4 - Cluster.
4. Wait for the sync to happen and go check Storage Account on Microsoft Azure level to see whether the PVC have been created.

New Storage Account being created because no matching Storage Account was found.

I1212 12:45:34.387476       1 azure_storageaccount.go:292] azure - no matching account found, begin to create a new account fee0f053a2c3545b09a26aa in resource group foosand-s7mtw-rg, location: eastus, accountType: Standard_LRS, accountKind: StorageV2, tags: map[k8s-azure-created-by:azure]
I1212 12:45:34.387493       1 azure_storageaccount.go:317] set AllowBlobPublicAccess(false) for storage account(fee0f053a2c3545b09a26aa)

No additional Storage Account to be created as we have Storage Account available and they can be used. They simply have a private endpoint configured in addition.