This is resolved!
Above reply gave me some insight on how I may be able to do this creating custom filter and i thank you for that. But I realize there was a very easy fix to this. Below is the source:
https://www.advancedcustomfields.com/resources/wp-rest-api-integration/#rest-api-field-types
so basically, if you attach ?acf_format=standard at the end of your request so it looks like the following https://localhost.local/wp-json/wp/v2/pages/45?acf_format=standard , You will get image urls or array or id, as you selected while configuring the field.
I hope this help.
Ashish A.
