Depends on the type, Matt.
The ones on my new TT bike could not be adjusted in this way. But, for audax, I also use the Profile ones. The armrests are separate fixings on a clamp that could go be slid to anywhere along the length of the bar. I've not cut the bars down so I could shift mine back towards me by up to 3 inches or I could put them in front of the base bar brackets and have them up to 6 inches further forward!
It may not be advisable to have them too far from the brackets from the point of view of loading on the bar, let's face it, that doesn't normally stop us! I expect you could get away with bringing them back towards you by half an inch or so.