1) I have a Euf

  1. I have a Eufy S4 camera setup in the form of my house and I would like to set it up so that the camera only sends alerts within a certain activity zone, but still records and tracks anywhere outside the zone as well. I have neighbors who appreciate the added coverage of their properties if the need arises but I would only like alerts from activity on my property. Is this possible?

  2. is it possible to set up the camera so that during certain time (say 10pm-5am) the spotlight will turn on when motion is detected on my property (within a set activity zone) and still record, but not trigger the spotlight for activity outside the activity zone?

No — on eufy, the activity zone is what controls both recording and alerts for motion-triggered events, so if motion is outside the zone, it generally should not be recorded or alerted.
Several people have tried to setup advanced triggers and setups to try to metigate that but it is not designed to do it natively.

As for the spotlight yes just set your activity zone and setup spotlight usage between those times.