Using the HC-05 with LabView and Linx was not possible. Even after we posted question of the NI Fourm:
Problems with HC-05 bluetooth module and LABVIEW + LINX- doesn't work
LabVIEW with Arduino and HC05 Bluetooth

HC-05 is a powerful bluetooth device that can serial communicate with a paired device within a ~100 m distance. Once HC-05 is discoverable (by connecting its VCC pin to a +5 Volt DC source and GND pin to the respective 0 Volt), another bluetooth communication enabled device (such as PC, smartphone, or another HC-05) will be able to discover it and get paired with it.

By default all HC-05 chips are configured as slaves, have a name 'HC-05' and a pin '1234' that can be reconfigured using 'AT' commands. The steps are described in this article that also includes a video tutorial. https://www.engineersgarage.com/pairing-two-hc-05-bluetooth-modules-and-share-data-between-them/

However, configuring HC-05 chips is not mandatory if the communication is initiated from a paired device which is not HC-05. In that scenario, the non-HC05 device will automatically act as the master and the HC-05 is the slave. Once the communication is initiated from the master device, the slave can respond and communicate back and forth (serial read and write).

For Arduino interfacing via HC-05 based bluetooth, HC-05's TX pin needs to be connected with Arduino's RX Pin and HC-05's RX pin needs to be connected with Arduino's TX Pin. Ideally, this pin connections should make the Arduino interfacing from PC softwares (such as Labview) completely cable-free, wireless within a 50meter radius area. There are multiple labview packages that should be able to initiate communication over the bluetooth. Those Labview packages include NI VISA, NI LINX with UART, NI LINX without UART, LIFA (Labview Interface for Arduino).

As the above four packages were experimented with HC-05 for interfacing with Arduino, only NI VISA was able to reliably initiate and maintain wireless communication via HC-05, the other packages kept giving error that persisted.