That looks like a more comfortable position.

You could also try lowering the saddle slightly, to get more knee bend, & moving the cleats rearward (probably to the max possible) on the shoes.

Both will help to stabilize the lower body, which then supports the upper w/ less arm pressure.

You can test the effect by:
(A) Standing w/ upper body bent forward, then bend the legs in partial squat. The CG goes from the front of the foot to the mid-foot or heels.
(B) Sit on front edge of a chair bent forward in cycling position. Try with heels raised vs. feet flat on the floor. Feet flat uses less muscle to hold body position, so upper body is recruited less, especially as you tire.