Can Coriolis Effect cancel itself? Say a plane moves from 40° North to 40° South, and the plane flies in straight line without considering the Coriolis effect. Will it still reach the destination.

All I mean is whether the deflection caused in the Northern Hemisphere can be compensated for in Southern Hemisphere
In an idealised scenario (ie where the plane is flying due north or south at a and there are no other perturbations to its course apart from the Coriolis effect), yes. And I guess it would be the most efficient course too!