Hello Snehal,
The note says: “When VCC is expected to be turned off in a low-power mode, VBAT must be higher than 5.5 V for proper CAN bias generation.” This means the device expects VBAT to remain active when VCC is off, so if both are tied to the same 5V rail, you lose that flexibility. If you need low power modes (Sleep/Standby), you should keep VBAT separate from VCC. If low power mode is not critical, using a common 5V supply is acceptable.
Yes, VBAT range is 4.75V to 40V, so 24V is within spec. Current drawn from VBAT is very low as shown in Table 1 of the datasheet. Even at 24 V, the current remains in the microamp range, so power dissipation is negligible. The main current consumption comes from VCC (CAN transmitter), which is 6–60mA depending on mode. So, no major limitation for VBAT at 24V except ensuring proper filtering and transient protection.
BRs, Tomas