Is it possible to forward all traffic from internet app over connect bot forwarded port?
It sure is possible if the app you want to send through the tunnel allows you to specify the host and port to connect to.
e.g. if you use a remote desktop client you could use connectbot to ssh into your home server, set up a tunnel on the appropriate port, and then use the rdp client to connect to localhost in order to use that tunnel.
Cyanogenmod does have a proxy setting available under Settings > Wireless & Network > Proxy Settings. So if you were to run a proxy server on your target computer, you could indeed set it up to proxy through the tunnel.
So let's say I've got an ssh server at example.com. Internally I installed Squidcache (a proxy server) on 192.168.0.101.
In connectbot I'd set up a tunnel like this:
Then in cyanogenmod's proxy settings I'd set it up like this: