Whether you're past the point of diminishing returns depends on your priorities, I guess. I think what you have now is fine, if it will fit OK. Since you asked, I'll suggest how I might try to tighten it up, but I'm not saying that I think you should. That's your decision entirely.
With that design there are not so many tracks that tracks are a big factor limiting component density, so try turning off the copper layers and just look at the gaps between the components. That space is where you could tighten it up, if you want to.
It might also help to place some fills on a mechanical layer to show where the isolation barriers are.
At first glance, I think I would swap the relay output connector over with the power transistor and rotate the relay output connector 90 degrees. Then you would have two horizontal isolation barriers, with the main components on a strip in between that you could optimise the hell out of.
I think the small capacitor outlines are bigger than they need to be. Also, 1/4W or 1/3W resistors can be spaced at 0.1" pitch, and you can often save space by putting several of them in a group rather than scattering them round the board.
Clearances of 10 thou are fine - for THT designs, I used to use 15 thou tracks and 10 thou clearances on a 25 thou grid, and this made for very manufacturable boards.
But as I said, I think you've done a good job and if it's small enough, then it's small enough!