Yes, this is possible. If you are running SQL Anywhere in a cluster and it is configured (in the cluster management software) to failover, you have it running on one node while you perform maintenance on other nodes in the cluster.
Note that to function in a cluster, the database server must be in a resource group with the shared disk (where the database should be placed) and the public facing ip address of the cluster. This will guarantee that if any of those resources fails over to another node, they will all go together.
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