https://github.com/satoshilabs/slips/blob/master/slip-0044.md As per this slip, if we just change the cointype in the descriptor, the deriveaddress rpc call should work to generate ethereum addresses from an xpub too. But it isn't? I can not find any good documentation on this rpc call whether it supports all the bip standards in the derivation path or not?
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No. Bitcoin addresses and Ethereum addresses are constructed and defined differently and bitcoin-cli certainly does not support Ethereum address generation. For more details on why see this question.

Michael Folkson
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Thank you for your reply. Cleared some of my doubts. – randomjs Aug 09 '22 at 21:34