The library pomegranate used for retrieving maven dependencies does not read .m2/settings.xml. You can however set the :proxy config either in shadow-cljs.edn directly or ~/.shadow-cljs/config.edn.

See https://github.com/cemerick/pomegranate/blob/master/src/main/clojure/cemerick/pomegranate/aether.clj#L757-L765.

shadow-cljs.edn:

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{:source-paths ["src/main"
"src/test"]

:dependencies [[reagent "1.2.0"]
[re-frame "1.3.0"]]

;; Here
:proxy {:host "localhost"
:port 20171}

:builds {:app {:target :react-native
:init-fn example.app/init
:output-dir "app"
:compiler-options {:infer-externs :auto}
:devtools {:autoload true}}}}