does this version allows for unlimited number of lives?

Yeah, I think I saw the options in the game menu. You need to play on easy mode I think.

I can confirm. Note also that # of lives (1/several/infinity) is a separate setting altogether from "difficulty" (easy/normal/nightmare/etc)

Thanks for that, I see how it works now.

thanks for the info!

Your achievements will be attached to that difficulty (infinite lives), i'm not sure but certain achievements probably need you to be on a harder difficulty to unlock properly.

Of course not every setting/mode can use infinite lives. Arena matches are Rouge-like (you die and it's over).