Can a function derived from MonoBehavior subscribe to a static delegate?

Yes but all subscriptions to the event will try to destroy the one gameobject that is passed into it.

An alternative is to have a parameter-less Action event and encapsulate the Destroy(this.gameobject) in a lambda expression

     using System;
     using System.Collections;
     using System.Collections.Generic;
     using UnityEngine;
     public class MyComponent : MonoBehaviour
     {
       public static event Action OnChange;

       public static void CallOnChange()
       {
         if (OnChange != null)
         {
           OnChange();
         }
       }

       private void Awake()
       {
         OnChange += () => Destroy(gameObject);
       }

       float timer = 3;

       private void Update()
       {
         timer -= Time.deltaTime;

         if (timer <= 0)
         {
           OnChange();
         }
       }
     }

     public class OtherClass
     {
       public void SomeMethod()
       {
         // Below raises compiler error
         MyComponent.OnChange();

         // Use a static relay to call the event, although I think this goes against how C# was designed but hey ho.
         MyComponent.CallOnChange();
       }
     }