It's possible to offset labels from features using a leader line in both ArcMap and ArcGIS Pro. The documentation referenced below is for ArcGIS Pro.
-Wendy
offsetting point labels
https://pro.arcgis.com/en/pro-app/latest/help/mapping/text/offset-point-labels.htm
offsetting line labels
https://pro.arcgis.com/en/pro-app/latest/help/mapping/text/offset-line-labels.htm
offsetting polygon labels
https://pro.arcgis.com/en/pro-app/latest/help/mapping/text/offset-labels-from-polygon-boundaries.htm
leader lines
changing how labels are displayed
https://pro.arcgis.com/en/pro-app/latest/help/mapping/text/change-how-labels-are-displayed.htm
adding leader line
https://pro.arcgis.com/en/pro-app/latest/help/mapping/layer-properties/text-symbols.htm
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