I don't think there is a single flyer in Avatar comparable to Bakugo's style. Closest I can see is Aang, whose way of flight is vastly different than Bakugo's. How can she accurately take down something in the sky that can not only amp it's speed to blitz her, but change direction almost instantly, while also firing an attack back at her, as well?
I didn't say she couldn't figure it out, it's that Bakugo has so many different ways of approaching this fight that her initial analysis becomes useless seconds later. Bakugo will immediately switch his tactics completely if he thinks his opponent has him figured out. Azula is limited to her bending techniques, fire and lightning bending, while Bakugo has no pattern that he particularly follows.
Bakugo utilizes fake outs, throws, amps, blinds, range spam, AoE's and all sorts of other skills over the course of a fight. Azula reacting to each and every single one of Bakugo's options before being defeated is doubtful at best, especially since she doesn't even have a counter to most of them. Stun grenade, howitzer impact, grenades, condensed shots and serious explosions cannot be countered by Azula just analyzing his movements, she literally cannot dodge out of the aoe of these attacks.
Why do you think Azula can avoid Bakugo without stun grenade? He can just as easily speed amp around her fire and hit her point blank with his building sized explosions so she can't dodge the damage. You're acting like stun grenade is the only win con here, as if Bakugo is completely incapable of approaching without it.
On the flip side, you're also acting as if Azula is absolutely perfect at predicting everything Bakugo can do and will never ever get hit by anything while landing all her own hits, despite fighting an opponent with better mobility than she has ever had to deal with before. What can Azula do if Bakugo just dodges all her fire bending with his speed amps, gets close to her and blows her up?
If both of them are constantly switching their tactics in response to the other, than yes, it will become a stamina battle. Unfortunately for Azula, Bakugo is way better than her at switching his tactics on the fly several times over a long fight.
It seems more likely that Bakugo overwhelms Azula with his FAR higher versatility, hax and strategies than that she will predict and analyze every single one of his fight patterns, while also being able to deal with his strength amps, speed amps, aoe, pain tolerance and stamina.