Can we set up a scrum team in a team who has to work on multiple small projects but has single team

The answer comes down to the team's ability to focus and what happens when the team doesn't have focus. Whenever a team works concurrently on multiple things (products, projects, value streams, or something else), the team's focus can be interrupted, and they need to pay the costs associated with context switching. Having a team focus on one thing at a time can help reduce or even eliminate the cost of context switching. However, at the same time, it's not always practical to have a team for each type of work for any number of reasons.

What is the objective to fit in the Scrum framework? If it is push from top management, You need to know what do they expect going through this change. Also check with the team for the opinion about this change.

I am working in a team where Dev QA POs are part of single team however there are different stakeholders and different clients.

Which PO ultimately decides whether or not satisfatory value is being provided by that team?

My first question to you is what do you mean by "Scrum model"? Scrum is a framework that helps teams work on complex problems in order to deliver incremental value.  It is based upon a single product being supported by a single team. There are variations of the framework for scaling multiple teams to work on a single product. The product can have many stakeholders that are interested in the work being done to improve it. Stakeholders could be customers, users, sales representatives, support representatives, other development teams, or anyone that has a vested interest in the product being successful. 

In the Scrum framework, there are 3 distinct sets of responsibilities listed (Developers, Product Owner, Scrum Master). These are not job descriptions or job titles. Developers are the ones that do the work to create usable increments of value. Their job titles can be diverse. Software engineers, Quality Assurance, DevOps, UX Designers, Database Administrators can all be contribute to the Developer responsibility listed in the Scrum Guide. 

Everything that was stated by the people above me in this thread are things you would need to consider. I will also suggest that you read the Scrum Guide to understand the framework.  Even if you aren't able to implement Scrum as described there, learning what the framework is designed to support can help you to come up with some kind of variation or techniques that could help you be more efficient.