Due to increasing demand in manufacturing industries, process optimization has become a major area of focus for researchers. This research optimizes the cryogenic machining of aerospace titanium alloy Ti-6Al-4V for industrial applications by studying the effect of varying the nozzle position using two parameters: the nozzle’s separation distance from the tool–chip interface and its inclination angle with respect to the tool rake face. A finite element model (FEM) and computational fluid dynamics (CFD) model are used to simulate the cryogenic impingement of cryogenic carbon dioxide on the tool–workpiece geometry. Experiments are conducted to evaluate cutting forces, tool wear, and surface roughness of the workpiece, and the results are related to the CFD and FEM analyses. The nozzle location is shown to have a significant impact on the cutting temperatures and forces, reducing them by up to 45% and 46%, respectively, while the dominant parameter affecting the results is shown to be the separation distance. Cryogenic machining is shown to decrease adhesion-diffusion wear as well as macroscopic brittle chipping of the cutting insert compared to dry turning, while the workpiece surface roughness is found to decrease by 44% in the case of cryogenic machining.