Yes, both variants are possible.
If you want to restore that backup to Hyper-V please follow this guide: https://www.msp360.com/resources/blog/how-to-perform-physical-to-virtual-restores/

Restore to Azure VM: https://www.msp360.com/resources/blog/how-to-restore-to-azure-vm/

Regarding installation:
If you're using Server version you need to install the software on the VM itself and perform image-based backup.

For VM version you can specify server IP for our software to reach out to it. Please follow this guide: https://help.msp360.com/cloudberry-backup/backup/back-up-vmware-virtual-machine

There is no "direct" transmission either to Hyper-V or Azure VM, you would first need to back your data up and then launch the restore operation.

Ok, I guess I am a little confused as to the different Cloudberry backup variants. I downloaded the Server version but do not see a VM backup option as indicated. So I went back to the Cloudberry product page to try and download the VM variant but it is not listed in the available Backup products page. Am I not looking in the proper area? Is there one Product (Ultimate?) that handles all of the different backup types?

The easiest way would be to simply install this build, it contains both image-based and VM functionality.

I installed the build you suggested and tried to set up a backup of one of our VMware VMs. I got the following error when trying to run the backup: Current license or ESXi version prohibits execution of the requested operation. I am running ESXi version 5.5. What should I be looking for that would cause this error?

Looks like you're using freeware version of ESXI.
Please refer to this article: https://kb.msp360.com/standalone-backup/esxi-&-hyper-v/current-license-or-esxi-version-prohibits-execution-of-the-requested-operation

You either need to upgrade your VMware to full version or use image-based backup by directly installing our software on a VM.