ACF supports custom post types. Products and orders are custom post types. ACF also supports custom taxonomies. These are basic WP objects. It is not that ACF supports custom post types and taxonomies it is simply that ACF supports all post types and standard taxonomies.
Product variations are a construct created by WC that works outside of anything standard in WP.
Welcome to the Advanced Custom Fields community forum.
Browse through ideas, snippets of code, questions and answers between fellow ACF users