I'm looking for a function/formula that would exclude zipcodes in Report A's output if they're not in Report B.
Join Tool | Alteryx Help
You can achieve this via the Join Tool, but make sure to take the unique Zip Codes from Report B - otherwise, the records from Report A might duplicate because I can already see duplicate Zip Codes in your Report B.
To do this, I would use the Summarize Tool to Group By the Zip Codes from Report B before performing the Join with Report A, like in this screenshot: