First, a matter of terminology. Your subclass is not a subclass at all. A subclass derives from the main class. In matlab OOP this implies the following definition: classdef subclass < mainclass
Your subclass is just a standard class that happens to be a member of your main class. It would be very odd for a main class to instantiate a subclass (except through factory methods), anyway.
In any case, If you want to listen to the property changes of your member class, it is these properties you need to set observable and these properties you need to attach a listener. At present, the only thing you'll detect is if your subclass member is changed to a new instance. That is you'll detect this:
m.subclass = class_subclass;
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