Neat use of cable tie to hold the graft together. I may have to use that idea.......
You have done a really good job of sealing that one up! It's going to make checking just a little bit harder.
One of the signs that an approach graft has worked is the 'out' side starts to get thicker than the 'in' side as the top of the graft is getting extra nutrient from the new graft but I'm not sure how long before change of thickness becomes evident in a slow growing species like azalea.
The definitive sign is when you can see callus linking the 2 sections but that's obviously going to be difficult with that mass of paste over the top.
If it was me I would gently scrape away a section of paste when I suspected the graft was OK. I think that could be done without upsetting the graft union as it appears to be well tied together. No need to remove the lot just to check.
I assume you have removed bark between the 2 sections to help the graft?
Approach grafts can take a year or sometimes a couple of years with slower growing trees so don't be in too much of a hurry.