Yes, For Local Account users in AzureAD B2C tenant we can set notification for exipring password by applying the password policy.
Note: This Password policy won't apply on External Users.
Steps to Set password expiration policy.
- In the Microsoft 365 admin center, go to the Security & privacy tab under Org Settings. If you aren't a global admin, you won't see the
Security and privacy option.
- Select Password expiration policy.
- If you don't want users to have to change passwords, uncheck the box next to Set user passwords to expire after a number of days.
- Type how often passwords should expire. Choose a number of days from 14 to 730.
- In the second box type when users are notified that their password will expire, and then select Save. Choose a number of days from 1 to 30.

Reference from MS Document , Please have a look in Set password expiration policy