The device is about 10 feet from the AP. Curious that this occurs at precise 2 hour intervals. That doesn't seem like noise or weak signal. Maybe I'll look at the AP settings to see if there is an inactivity setting or something. Though I've never heard of that.
The short answer is: Yes
However, there is more to it than just supplying 3v3 power.
Experience has shown us that the Omega2 is very sensitive to power fluctuations, requires a regulator at least, but a couple of caps are highly recommended together with the use of short, heavy gauge wire due to the current drawn when hitting wifi initialisation at boot.
Having said all that, do not underestimate the power of having a spare expansion dock available when things go wrong. It is by far the simplest way to power your O2 and get direct serial access to the console for troubleshooting.
This solution did not fix the problem in my case.
The problem was that there was an extra line "379" which must have had one of those un-allowed line endings or the carriage return on line "378". This was causing the /usr/bin/oupgrade: local: line 378: not in a function error.
Deleted the extra blank line and all was fixed.
The installer has installed everything correctly. It is so specifically conceived that when entering on 192.168.3.1, Onion OS was opened because Onion console is not installed in new Omega2 during installation. To fix this, you may need to edit the file /www/index.html