Answer
Yes to both, and this has been done for other customers already: a public-facing IFS application server can be fronted by an Azure WAF, and Azure's own cross-region load-balancing/failover capabilities can be used to fail over to a secondary region if the primary becomes unavailable — this is commonly coupled with Oracle Data Guard specifically to reduce RPO (data loss window) and RTO (recovery time) as part of that same failover architecture, rather than relying on Azure's networking failover alone.