Is it OK to reuse part of the related work section published in a previous paper?
Short answer: No.

Medium answer: It can feel silly to find new phrasings for sentences or paragraphs that say essentially the same thing, but the alternative is unfortunately self-plagiarism. You can and should make a comment like "the following subsection is largely adapted from [other paper]", but even with that, the text should be different enough to not be considered a quotation. There is some wiggle room with technical definitions that can't be rephrased without a loss of clarity, but other than that, err on the side of rephrasing.