You can certainly make many sweater shrink via a hot wash - the trouble is that you shrink in both directions and often you want the length to remain the same. However, the yarn you’ve used has various elements including nylon so I’m not sure how well either washing or even blocking will do and you need to be careful with the silk element in it which can wrinkle. I believe this yarn is supposed to be dry cleaned so I guess that’s suggesting that washing could distort it. Have you enough to make a swatch and trial it in a quick warm to hot hand wash - where you would carefully hold the length but immerse the bust area etc. And then another swatch blocked?
If you block you simply squish (so to speak) the item into the size you want. Squeeze fibres/sections (or press between face cloths) gently with your hands and ensure the length is there but the item is not spread out as such. I’m not sure you will get a lot of satisfaction but you can only try.