Yes, like most indoor plants, your SCheffelara Arboricola prefer to be kept moderately potbound and can stay in that pot indefinitely.
Pruning does not stress or damage a plant. To use an analogy, pruning is like getting a haircut – it will not affect health, it will only alter appearance. It is also a matter of personal choice as to the overall size and shape that you prefer. Always make your pruning cut just above a node. A node is a tiny swelling on a stem where a leaf or leaf stem is or was attached. It is out of this node that new growth will emerge and grow up or out from there. If you cut just beyond the node, then you will not leave an unsightly bare stub at the end.
How much you prune back is a judgment that only you can make. Try to visualize how the plant will look if you cut at various nodes on a stem. Also, remember that new growth will emerge and grow out and up from the point where you make the cut. It is this visualization that is the key to successful pruning.
For starters, you might consider pruning back the very tall stem so it is a bit shorter than the other nearby stems. That would create a more compact, symmetrical overall shape for your plant. But you may not want that! You decide.