I don't see why not. BalenaEtcher is a cloning tool.
However, it is a different concept from what omv-regen does:
BalenaEtcher clones systems.
omv-regen rebuilds systems.
Both tools are useful, but they do not solve the same problem.
BalenaEtcher
omv-regen
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Hardware upgrades
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Regenerating a system from scratch
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Avoiding inheriting garbage, errors, or broken configurations
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Different architectures
To clone an OMV system disk on the same machine, BalenaEtcher is suitable.
To change machines, architectures, or create a clean system on the same machine, omv-regen is the right tool.
Furthermore, an omv-regen backup is performed live without issues, takes very little space, and can be scheduled and automated using OMV’s GUI scheduled tasks. As I said, they are very different tools.