Hello @Chris Yeo ,
Welcome to the Microsoft Q&A forum.
Yes, Azure Bastion IP based connection went GA on May 31st, 2022, here is the announcement. IP-based connection lets you connect to your on-premises, non-Azure, and Azure virtual machines via Azure Bastion over ExpressRoute or a VPN site-to-site connection using a specified private IP address. You can follow this documentation for implementation.
Hope this helps! Please let me know if you have any additional questions. Thank you!