If you follow the Wiki instructions at
https://www.arcanoae.com/wiki/, you can probably get it to work. There is a specific section for VirtualBox, which steps you through the setup, with a bit of explanation. If your old setup is not as shown there, I would suggest following the directions, and attach your old virtual drive before you try to update. Get it working first). You may need to change some entries in CONFIG.SYS, to match a new configuration. You are effectively moving the old disk to a new machine.
It would probably be easier to make a new install, following those instructions, then move your data.
The old VirtualBox setup was very poor, and designed to be something similar to a 486 processor (the Vintage hardware option in the ArcaOS installer). It works, but it is definitely not optimal. The Wiki instructions explain how to set up a modern machine, then you use the Modern hardware option to do the install. I am not too sure how well that would update. There will probably be missing parts, because updating does not add new things.