Can Arcade be used to create a chart within a list element, such as a bar chart? What would that code look like?
Yes, and "it depends".
What do you want the charts to look like? As long as all the data fields are just attributes of each record, you can use those fields to populate HTML tags. You could also use the Advanced Formatting option to dynamically create additional attributes. So, for instance, you could have a <div> element like this:
<div style="width:{some_field}; height:{some_other_field}; background-color:{expression/color};"></div>