You could try this that will customize the heading and the subject of this email:
add_action('woocommerce_order_status_pending_to_cancelled', 'cancelled_send_an_email_notification', 10, 2 );
function cancelled_send_an_email_notification( $order_id, $order ){
// Getting all WC_emails objects
$email_notifications = WC()->mailer()->get_emails();
// Cancelled Order email notification
$email_obj = $email_notifications['WC_Email_Cancelled_Order'];
// Customizing heading and subject
$email_obj->settings['heading'] = __( "Pending payment order now Cancelled", "woocommerce" );
$email_obj->settings['subject'] = __( "[{site_title}] Pending payment order ({order_number}), now Cancelled", "woocommerce" );
// Sending the email
$email_obj->trigger( $order_id );
}
Code goes in function.php file of your active child theme (or theme) or also in any plugin file.
Tested and works