No, there are no plans to support the server OS versions with this product, as it's designed for endpoints. You can submit a feature request though through your platinum support person?
EERM does not format the end media though - it creates a file on the media which appears in Windows as a FAT32 drive, the underlying storage remains the same. The file limit in the container is as you say, limited by FAT32 though.
EEFF may work fine on servers, but it does not go through any testing, and would be considered "unsupported" if you had a problem.