Yes, certain types of imaging operations can be done iteratively and repeatedly in the manner you describe -- that is, by "round-tripping" the image through Camera Raw multiple times. For example, you can do this with Clarity, sharpening, tone curves, etc.
Note that if you're starting with a raw file, the first trip through Camera Raw / Lightroom will take advantage of the scene-referred (raw) nature of the imaging data. The resulting image data will be a TIFF, PSD, etc. and will be output-referred. Subsequent trips through ACR/Lr will be treating the image as output-referred.
For example, white balance, noise reduction, and highlight recovery are among the controls you should be certain to get right during the first step. If there's highlight information that you didn't recover during the first trip, and then you end up with a TIFF where those highlights are clipped, there's no way to get them back during subsequent trips through ACR/Lr.