Technically it's possible to do using a token processor hook. Each membership is linked to contribution recur via civicrm_membership.contribution_recur_id so if you are using Membership entity for sending reminders you could use membership id to fetch contribution recur id and build the cancel subscription URL.
You could also use smarty to add logic inside the reminder message using the above logic if you don't want to go via hook implementation.
Note: Not all payment processor allows to cancel the subscription from Civi, however, the common ones do. In case it doesn't you will need to exclude the cancel subscription URL or build the cancel subscription URL of the payment gateway.
Edited: Also I found out now that you could generate cancel subscription using mid i.e membership id,