It is best illustrated by ESRI's remarks in this Knowledgebase article:
"Due to limitations imposed by third-party dependencies and some of the component technologies used in ArcMap, as well as the necessity of re-engineering many user interface (UI) components such as icons, dialogs, and controls, ArcMap cannot reasonably be made high-dpi compliant."
I think this a clear "NO" to solving this due to technical reasons.
If this problem really bothers you, and you can't live with it, your best bet at this moment is:
1) Either start learning ArcGIS Pro, which has a modern interface and code base designed to be compatible with higher dpi screens.
2) Spend another few dollars and get a physically bigger monitor, but with the same resolution (I mean number of pixels height/width of screen, e.g. 1920x1080) as your current one, so it will display everything bigger.
I think option 2) is the most realistic, unless you don't run any customizations in your current ArcMap environment that may not yet be compatible with Pro, and the step to Pro is thus a relatively small one.