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You need to associate ESU physical core licenses with every hosts, so the 6x32 option is the most correct. As for the VMs, they must be arc enabled, then the VMs must be associated with the host's physical core license.
For example you create a physical esu core license for host01 with 2 16 core pack=32, this will license the host
Then from the list of eligible vm (that are arc enabled)you check all the virtual vm on this physical host01, and add them to the same physical license of the host, so this will certify this vm are on this host01. So the vm have relation with the host they reside on.
Remember that esu licenses trough Azure Arc can be purchased also as payag, so you can deactivate when no more needed.
Hope this helps
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