Jim Corrigan described Oliver's power as holding the entirety of the multiverse. From what we know, the Infinity Gauntlet is capable of disintegrating people, not multiversal ethereal beings.
Even if we were to give Thanos the Infinity Gauntlet and use it at its upmost potential (destroying the universe to the atom), a destruction of the universe is precisely what Spectre proved that he could survive. He can enter the Vanishing Point - a place that exists outside of space/time and was used by the Paragons for the sole purpose of escaping the destruction of existence, he can enter the Speed Force (a virtual concept), and he can place himself at the Dawn of Time. He can also exist in Purgatory.
Moreover, the effects of the Infinity Gauntlet clearly takes time. In fact, even if it was just a few seconds for the "dusting process" to churn its cycle, that gives more than enough time for any of the above to create some reality-warping effect or multiversal-level power blast. Oliver could theoretically take away the potential of the infinity stones.
With all this said, it should be quite literally impossible for Thanos to truly kill anyone here. Even if he could, several of them have chronokinesis. Honestly, Novu was able to sense potentials just at looking by someone - and he knew events before they even happened. Half the entities here would have had eons of prep against a being who only has mono-universal powers compared to their own multiversal.
There's too many reasons here why Thanos just flat-out looses.
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