Yes! From the files tab in that channel in that Team -> Open in SharePoint! In the top menu click “Notify me” ( if not seen click the ... for more options ) here you can set notifications on different changes in that space.
You can also use Power Automate and create a flow for this. There’s templates doing this also and you can alter them to fit your scenario. You can reach that from the portal.office.com or directly from SharePoint
Adam
