We do know that transit routing is possible when using P2S VPN and trying to connect to on-prem via a S2S VPN in some scenarios (if this S2S VPN is using BGP routing, and if routes on the client are manually added, see https://docs.microsoft.com/en-us/azure/vpn-gateway/vpn-gateway-about-point-to-site-routing). But this does not mention ExpressRoute.
As posted in Aldwen's answer, (https://docs.microsoft.com/en-us/azure/expressroute/expressroute-howto-coexist-resource-manager#limits-and-limitations) MS do state that Transit routing is not supported for ExpressRoute, but it only mentions for the connection via a Site-to-Site VPN - unfortunately this does not definitively state that Transit routing is not possible when using P2S VPN.
However, Microsoft Azure Virtual WAN solution (see https://docs.microsoft.com/en-us/azure/virtual-wan/virtual-wan-about), does support multiple different transitive routing scenarios - "These functionalities include Branch connectivity.., Site-to-site VPN connectivity, Remote User VPN (Point-to-site) connectivity, Private (ExpressRoute) connectivity, Intra cloud connectivity (Transitive connectivity for Virtual Networks), VPN ExpressRoute Interconnectivity, Routing, Azure firewall, Encryption for private connectivity etc."
So my reading here is that Azure Virtual Wan will support all these transitive routing scenario's to allow the transitive routing for P2S and S2S and ExpressRoute, and will indeed allow P2S VPN to access on-prem via ExpressRoute as per the OP's scenario.