I am reading ITM traces by SWO Printf style debugging. Can this debug information be read by a UART receiver on a FPGA ?

I do not see issues here. The SWO pin can be programmed for one between two encoding: UART or Manchester.

The data sent out in UART mode can be read by any UART receiver (pay attention to the voltage level, so you need a UART receiver at 3.3V) once you have set the proper baudrate and parity.

I never used the Manchester encoding, due to lack of proper receiver. But in a FPGA implementation the Manchester receiver could be more interesting than the UART one; the bit clock can be extracted directly from the data-stream and the RTL implementation could be far smaller than a full UART.