Is there a W3 or any other noteworthy standard on how to represent a color (including alpha channel) in hex format?
Is it #RGBA or #ARGB?
In CSS 3, to quote from the spec, "there is no hexadecimal notation for an RGBA value" (see CSS Level 3 spec). Instead you can the use rgba() functional notation with decimals or percentages, e.g. rgba(255, 0, 0, 0.5) would be 50% transparent red. RGB channels are 0-255 or 0%-100%, alpha is 0-1.
In CSS 4*, you can specify the alpha channel using the 7th and 8th characters of an 8 digit hex colour, or 4th character of a 4 digit hex colour (see CSS Level 4 spec*)
As of May 2019, >80% of users can be expected to understand the #RGBA format
Up to date browser support information is available on CanIUse.com
*Technically still in draft, but given the browser support this is unlikely to be changed.