Yes, the ALM-PC environment can be installed on the cloud. However, Micro Focus do not have pre-defined images for the ALM server, PC Server and PC Host. Manual work will be required, which will include handling the installation, configuration and applying the licenses.
Load Generators can be located anywhere (cloud or on local VMs). They just need to ensure the connectivity between Controller and Load Generator is possible, either directly by opening required ports, VPN, etc.., or by using a MI Listener components and over firewall configuration.
When it comes to ALM, it is certified on AWS, though we do recommend working with Orasi professional services on setting ALM up in the cloud.