Answer
Yes, it's possible — the same Report Designer tool is used for both Apps10 (host:port) and IFS Cloud (URL) tracks, and it detects which track you're connecting to based on the format of what you enter, then prompts for the appropriate login method accordingly. Before connecting to IFS Cloud specifically, you do need to configure a dedicated IAM Client for the Report Designer tool (documented under the Setup IAM Clients section of the installation guide) — once that's configured, connecting is the normal URL-plus-credentials flow, authenticated via OAuth2 behind the scenes.