No - it fails extremely early in the boot process, and even if the partition is low down in the hard drive sectors. I imagine to progress this it'd need to be disassembled, and it's really not on the list of projects I want to do any time soon.
Ontrack is useful, but the problem with all these adaptations (custom BIOSes such as XTIDE, Ontrack etc) is they work well with some operating systems/boot managers, and not with others. Boot Manager is definitely not ideal, but I understand where I stand with it, and it's possible to boot pretty much anything from it.
I haven't checked if ArcaOS has fixed this - from the looks of the install instructions it has, but my specific install starts with a 3.6GB boot, with other partitions beyond that on a dedicated system. However, Airboot fits entirely in the MBR rather than needing its own partition, and easily allowed adding a FreeBSD install, so it was a good choice.
Mind you, it could be worse, it could be Windows NT 3.51 - which sticks the boot files in a primary DOS FAT partition which also must be within the first 1024 cylinders. It doesn't tell you this, though, it just fails to boot after install with a less than helpful error message.
My other OS/2 system (after the Multiboot Warp 4 and Arca OS boxes) is a multi boot for DOS, NT 3.51, OS/2 1.3, OS/2 2.1 and Warp 3 (the 'old OS/2 and Ultima box'). OS/2 1.3 there does need to use the partition hiding feature, though.