The bike probably has a 100 mm stem. Sure, try a shorter one. There are a couple of standard sizes in forks and handlebars. I don't like adjustables. It's hard to keep them quiet and tight.
Some easy rough rules of fit: 1) Lift the front wheel about an inch off the ground when straddling it in your shoes, 2) Pedal backwards with your heels on the pedals without severely rocking your hips, and 3) The handlebars should block your view of the front axle. None of those work perfectly for everybody.
I rode a bike too small for me for over twenty years because I otherwise loved the bike. And it was a gift. I think I'd have a harder time on a bike that's too big, but I've never done that at least as an adult.