IP address
An Internet Protocol (IP) address identifies a point on a network where data can be sent. An IPv4 address commonly has four decimal numbers, such as 192.0.2.10. IPv6 uses a longer hexadecimal representation. A hostname is a name that the system can look up to find an address. Apple's networking glossary
BetterDisplay's network controllers need to reach the TV or receiver over the network. If the device's network configuration changes, a saved address can stop working even though the device is still present.
Follow the requirements of the particular field. A field labeled IPv4 does not promise to accept every hostname or IPv6 notation. A port selects a service on the addressed device. It is not the address of a second device.
MAC addresses serve a different purpose in wake requests. Keep the two kinds of address separate when entering connection details.