It is in extreme need of light - that's why it is so stretched. Unless you give it light it needs, it will always do same thing.
It will not 'revert' to shape it should have, but it could be beheaded...can you give it better light?

Hi rina_! Thanks for your reply. I keep this plant/pot under the skylight in our loft. This is probably the best and most consistent spot for natural light in our place. I thought it was getting enough. Should I try and prop it straight with a dowel?

I'm with Rina. It needs a lot more light. Unless it is direct under that skylight and getting a few hours of direct sun per day it's not getting enough. And that growth says it isn't. Do you have a south facing window? A balcony? It really needs more light.

No, propping won't help it grow the way it should be. It will keep it from hanging but plant should be compact.
It need to be very close to window/skylight...the light indoors is never strong enough and further away from the source, worst it is for plant.
If you don't have access to outdoor, you need to figure out something better or plant will always look similar.

i can't really tell what specific plant it is from the angle, but below is a pic of what rosette succulents look like with enough light. as you can see, it's not . . . quite what you have going on. these plants grow leaves from the center, so you can't trim them to control growth the way you would a tree or bush. basically, your best bet is to "behead" the plant-- cut off the very top where the growth is compact and re-root it (you can then pull off the leaves on the leftover stalk to propagate them and leave the stalk as it might grow even more new plants). this recent thread has info on how exactly to do all that, but if you search around the forum you'll find even more.

honestly, though, if that's the best light you can give, you might want to consider plants that do better in lower light levels instead, because without more light the same thing will just keep on happening . . . .