is the real-time watch (and consequently dynamic analysis) supported only on ARM devices? Or also on devices which have the ability to read the memory without stopping the cpu like RISC-V?
Yes, they are only supported on ARM devices with background memory access. RISC-V is slowly becoming more popular, so we may eventually port the real-time analysis frameworks there, but currently they only work with ARM.
That said, Live Watch does not require any special frameworks and will work with any CPUs that support background memory reads.