Yes and no.
Your transmitter will get an IP address from a private address rage dedicated to the VPN/Wireguard tunnel, 192.168.x.y or the like. And you would enter this internal IP into your studio µMPX encoder.
Meanwhile, I have set up studio transmitter links using Tailscale. For up to 20 devices it is free and it does all the magic for you, including finding ways to get a connection where other methods would fail, like having both ends of the connection without public IP addresses.
It uses wireguard under the hood and makes best effort to establish a peer to peer connection, where this fails it uses a bounce server to transport packets. The first is preferred of course. On top, Tailscale offers a clever ACL so it is perfectly possible to set up your machines to only exactly move the µMPX data stream from studio to transmitter, not the other way round nor anything else.
I'm not affiliated with Tailscale, it just does exactly what we needed for our stations here, with ACL and routing magic being the outstanding features that would be difficult to implement on your own. And so far it is rock solid and copes with power fails and internet connection issues very well.
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