Yes, you can but it's not a great idea.

I built a 338 Edge and sold it to a friend a few years ago. The load that it liked put the bullet out so far that it would not eject a live round. This winter during an elk hunt, he was removing a live round. With the bolt fully back, the firing pin released from the detent as he was removing the round from the loading port.

Fortunately, he suffered only a small wound to his thumb, and a few small bits of shrapnel to his face, and ringing ears for a couple hours.

It was a freak event. I have no idea how the cocking pin left the detent at the top of the cocking ramp. Possibly there was some debris, or he knocked it out of the detent.

I guess what I'm trying to say is that I won't be handling a live round on the end of a cocked bolt.