RHCOS/FCOS uses NetworkManager presently. So the logic to look for option 245 in the systemd-networkd lease file would need to be adapted to read from those lease files (/var/lib/NetworkManager on RHEL7, /var/lib/dhclient on FCOS and likely RHEL8). Might be worth investigating if NM's D-Bus API exposes this so we don't have to learn dhclient's syntax.
Though note that this is not a blocker for getting those platforms on Azure if we're comfortable relying exclusively on the fallback endpoint (#145) until this is implemented.
Related: #130