Here's the answer.
Apps licensed via the VIP is supported on App-V with named users (you don't get serial numbers/licenses), but an org still has to assign entitlements to identities in the enterprise dashboard. End users would then use that identity to either sign in to App-V or sign in to Acrobat (hosted on App-V), and Acrobat would then honor that entitlement associated with that identity.
These identities do not have to be Adobe IDs. The dashboard supports enterprise IDs and federated IDs.
HTH.