Currently I am referring to this link for generating the token - Token generation for using OneNote API
Is it possible to use Azure v2.0 authentication principle and use that tokens to access OneNote api's which will ease out process for authentication as single authentication model can be used for both consumer and enterprise apps.
Yes, if you are accessing OneNote Apis from Microsoft Graph endpoint.
Refer to - https://developer.microsoft.com/en-us/graph/docs/authorization/converged_auth for more information on this.