No, this is currently not possible as the mesh with ocean modifier is exported as a static mesh to Armory. If you still want good control over water, you could use the material nodes to displace the “water mesh” and make it seem “alive”
One such example, as suggested above, might be LiquidFX - a simple water shader for Armory
Although I am not sure if it works with the current versions of armory or if the library needs a few small changes…