If your mill spindle has slots for ejecting an untapped arbor you’re probably good to go – if it has slots, it’ll probably have flats too..
I use a ‘standard’ MT3 mag-drill arbor in a Warco Major, never had any problems with it pulling out – last job was 26mm holes through 40mm steel for a farm implement. Arbor from Ebay.
I have used them in a collet, but the shank is short and as noted above you need to pack the back-end.
As Mark says, the cutting action is efficient so cutting forces are low, and – for an aggressive-looking process – very mild-mannered / well-behaved.
I really like them, far and away the easiest & quickest method for large, neat holes in thick, tough material.