In case anyone is still wondering about this, you can definitely use subqueries to filter out the appropriate features, as in the following example:
Transformer definition query:
( subtypecd NOT IN ( 6, 7, 😎 ) AND ( operatingvoltage IN ( 190, 400, 410, 210, 220, 230 ) )
Transformer annotation definition query:
featureid IN (SELECT objectid FROM transformer WHERE subtypecd NOT IN (6, 7, 😎 AND operatingvoltage IN ( 190, 400, 410, 210, 220, 230 ) )
This shows usage for file geodatabases, but I also use the logic for Oracle without much trouble (accepting of course that you can only perform subqueries on the base table unless you build views).