Is there a way to get an alert or notification if an Action fails?

There is not an explicit way to do this. I have made a suggestion in Product Ideas if you'd like to go upvote it.
In the email triggers method there is a rather convoluted but workable solution that relies on the debug email. Since Actions has a Notification email on trigger, chances are very high that this is essentially the same thing. I will admit I haven't tried it in Actions because Email Actions are simply not as good as Email Triggers.
What I did was put my address in the notification email box. I then set up a series of folders and rules in Outlook that would file the successful ones and recognize the failed ones. Since 99% of the failures were on Qualtrics side it was easy to find a string pattern for the failure types. I made a list of the Trigger IDs which appeared in the subject line and which project they belonged to and/or which trigger they were and just kept it handy.
When Outlook rules recognizes a failure, it drops the email in my Inbox. Everything else gets filed in a folder in case I have to go back and research a failure that wasn't Qualtrics fault. The messages either contain a response id so I can find the exact record, or you can cross reference the timestamp with the timestamp of the recorded survey. I empty the folders every month and retain a 30 day history.
Its convoluted. Its obnoxious but its kept me mostly on top of the trigger game.