But can it be sent to different users as different running users?
Yes, but it's way more of a pain than you might think. While logged in as user A, you can't create report subscriptions for users B, C, and D, each one run as the user themself. You as user A get exactly one subscription to each report. You'd have to log in as each user and subscribe them.
There's only one way I know to automate this, discussed in my answer to this question, and it requires writing some code to authenticate to Salesforce using JWT flow as each target user.
Should i create separate reports for different users and then schedule them individually?
That will also work, but adds more overhead for you. You'd still need to do "Login As", though, because your own user only gets a total of 5 report subscriptions.