@Nishant Lakhlani Thank you for reaching out.
Yes, elastic queries are available in Azure SQL and are still in preview. No ETA for GA. In SQL MI we do not support EQ.
"Also, would like to know that can we use the Elastic Query if we have restrictions of Public Access (i.e., Only Private endpoints are allowed, and Public Access is restricted as part of Enterprise Policy)"
Elastic queries do not support private endpoints.
Hope that helps.
Regards,
Oury