Nothing in the hints actually implies Momo scares him away.

@Red Admiral Shanks W incoming.

Kill me.
OPTION 1: Aramaki is running away from Momo ---> That's ridicolous, not considering it as a real option.
OPTION 2: Aramaki is running away from Shanks ---> Unlikely, Shanks is already sailing away. What was the point of Shanks words last chapter?
OPTION 3: Aramaki is running away from the Alliance that came to assist Momo ---> That's more than acceptable. Only extreme Admiral fans think he has a chance against the Alliance.
OPTION 4: He's not really running away yet...?
 
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