Based on documentation, ArcaNoae comes with support for large hard drives, newer video chips, USB etc etc.. I guess it should run on most hypervisor(s) or virtualization systems, provided you use a humble hardware configuration (e.g. no need to use GBs or RAM) even VirtualBox or KVM most likely will work. But whether it's supported by the hypervisor vendor or not is a different story.
Plain OS/2 did not receive any update for 20+ years, it's installer won't work on modern hardware/virtualization systems.
Plain OS/2 did not receive any update for 20+ years, it's installer won't work on modern hardware/virtualization systems.