Azure Subscriptions, Virtual Networks, Subnets and Peering

We currently have an Azure subscription with a VPN connection to corporate. There is a virtual network with a gateway to corporate and peered to it is our new production network.

So let's say the transit network is 192.168.100.0/24 and the prod network is 10.10.96.0/22 and let's call corporate 10.11.0.0/16. Corporate can ping and connect to anything on transit or prod network today no problem.

Now one of the team has acquired another subscription so that developer can muck about in there without permissions to prod or transit networks. So let's define this dev VNet 10.10.104.0/22. They want Dev network VMs to reach Prod VMs on 10.10.96.0/22.
Is this permissible - to set up a peering between these two different subscriptions so they
can talk to each other?

And should I be able to have a host on Corp 10.11.0.0/16 reach Dev 10.10.104.0/22 via the VPN to the Transit network 192.168.100.0/24?

Thank you.