Fielders, regardless of age, have a very simple set of requirements to satisfy when fielding and throwing a baseball -assuming we're talking about infielders, mostly.
The first requirement is being prepared for the play after possession.
The second requirement is possession - crisp, solid and in control of the ball.
The third is a reasonable balance of the body prior to throwing the ball, by planting the feet in a way that supports the upper body for controlling an accurate throw.
The fourth is targeting the throw to match the distance and location of the intended target.
Answer your question more directly, if the throw is over a relatively short distance, then the glove arm/hand should be positioned to balance off the throwing arm mostly in a way that's comfortable and planned for, without rushing things. On the other hand, if the intended throw is over a long distance in the infield - say about 125 feet or more, then the glover arm/hand will be stretched out more - again, balancing off the planting of the feet more forcibly, then giving more balance to the torso and shoulders and the throw increases in strength and effort.
Watching a disciplined fielder even throw off balance, shows little difference from his throws under non-rushed plays - including his glove arm/hand. In fact, professionals are so ingrained with how to field any ball, that's this function is done instinctively 99% of the time.
So I would say that the glove would be closer to their torso/chest and the throwing arm would be positioned to accommodate the force necessary to reach a relatively short distance, say within 90 feet, all with the preference of the fielder's normal throwing posture. Longer distances, 125 feet and more I would say the fielder would have to accommodate a longer arm spread in order to put more of his body into the force necessary to cover that kind of distance.