Yes. There are many ways to stroke a cue and some key features of some strokes will be seen as stroke killing flaws for others....but limiting discussion to just forearm angle, there will be 3 camps, each with world class pros to point to as 'proof' of the way.
Perpendicular to the floor (classic and most common). This makes sense because at address you have the tip at rest (hanging). As you take the cue back and let it return to rest, the cue will have momentum take it beyond the starting point and move str8 through the cue ball. You can, of course, aid this return to rest by adding force at any point to fine tune the acceleration and speed of the move, but the underlying physics of the setup just make sense. What goes along with this hand in hand is a higher shoulder position and upper arm parallel to the ground, setting up a good bio-mechanically sound position for straight cue action through the ball.
Forearm beyond 90* (farther back) is probably least common and consists of the guys who focus on that bio-mechanically sound position maybe to a fault. PJ mentioned this method in a post above... that the biomechanics of being 90* to the cue will aid in straighter delivery through the ball. Easy to believe in but not necessarily superior to any other technique. This method is most methodical and muscularly controlled and carries more tension than the other 2 setups in general, though there will always be outliers.
Forearm short of 90* (closer to tip) is used by all chicken wing players, flowy Filipinos like Efren and Busty, as well as dead eye Americans like Strickland and Van Boening...although Strickland's technique varied a bit through his long career depending on how high he got his shoulder...when the shoulder is low, he is def in this category. Pretty much any player who has that distinct cue action of a vertical wobble where the cue drops in the backswing and raises back up before final delivery falls into this category, as do I (the wobble in my stroke is vertical
). I obv have a bias towards this method but there are very strong biomechanical reasons to use it.
The reason so many top pros use this angle in the forearm is that it puts the arm in a stronger position. When in a strong position it is more difficult to deviate off path (shoot straighter in repeatable way) and much much easier to generate power, esp at the very end of the stroke leading to what snooker players refer to as a 'positive finish' meaning the cue accelerates all the way up until it runs out of real-estate and slams to a hault. Key to note here is that this effortless power will go hand in hand with a bit of upper arm movement--you don't need a lot but there needs to be some for the power to be effortless. These players generally have a ton of action on the cue ball and will often do it with much shorter follow throughs than the other methods...again mostly bc the shoulder is down and the angle in the elbow has it nearer to the finishing position....something they get away with bc of the rapid acceleration right up until the end of the stroke.
Another group of players in this category is the guys who play a lot of touch shots and soft shots and get their arm into a strong position in order to have a solid feel on those delicate shots. Some of the most difficult shots to pull off with authority are the ones you have to hit gently. A strong position, and addressing the cue ball closer to finishing position will allow a player to play soft shots solidly so it is no wonder why ppl above mentioned using these mechanics for soft shots in 14.1 days but moved to the longer lever more classic setups which offer more power to a linear stroke. Again, with a vertical component to the stroke, there is no more powerful a technique than this one with the forearm forward of 90*.
Here is a clip of Dr. Dave breaking down Shane's break shot. He points out the strong position his arm is in and the power he is able to generate as a result. Obv this is a break and there are many more moving parts but his in game stroke is quite wavy in the lead up to his final delivery and when he is loose stroking in a practice session without locked down mechanics, it remains pretty wavy throughout, but always with that way under 90* elbow angle and forearm slightly forward of perpendicular to the ground.
Good attitude.