An Arduino and one of those simple 433Mhz receiver modules, might pick up the signal from the 'beacon' if your close enough. But I suspect by then you will be able to see the drone. And you wont get a direction either.
The simplest tone based beacon would transmit a FM\FSK type tone which you can pick up with a low cost UHF handhled at quite long range. With this type of beacon you can get a direction indication using a directional antenna such as a yagi or indeed with a bit of practice you can use your body with the body fade direction finding technique.
I dont know specifically but I think those cheap 433Mhz modules are AFSK and wont be picked up on a cheap UHF handheld, you would need a more sophisticated scanner that provides AM coverage at 433Mhz.
The only use I can see for an Arduino as receiver is if the beacon is transmitting GPS co-ordinates.