Not quite. It's all FQDN based and configured in the Cloudflare portal.
The IP addresses behind the FQDN's are reasonably dynamic (dual homed too, so there will be IPv4 & IPv6 addresses) so forget about accessing stuff by IP. You'll also have to have a domain that lives on Cloudflare's DNS servers, you can't have your DNS elsewhere and use that domain for Cloudflare tunnels. Initially I bought a new domain through Cloudflare just for the tunnel access but have since moved all my domains over to Cloudflare.
Software wise you need to install cloudflared somewhere at your end of the tunnel. I've got it on the same Raspberry Pi that I'm running PiVPN (note to self - investigate alternatives) and it's working fine.