Right, for several reasons. First, the current list of things the member may have changed looks like it's exhaustive so you don't expect to find it elsewhere. Second, all the other (or the majority of the other) actions are phrased with active rather than verbs, as if the member themselves did the action.
I think the problem in this case is that there are two items: the member changed it, and the moderator changed it. So these were phrased as "delivery changed" and "delivery changed by moderator," presumably to keep them contiguous in the list. I see at least two possible solutions: (1) keep the actions contiguous in the list by making them read "changed delivery" and "changed delivery (by moderator)"; and (2) make it read "changed delivery," and have a completely separate category of items beginning with "moderator changed." So in that portion of the list there would be, e.g., "moderator changed display name," "moderator changed delivery method," etc. I'm not sure which one I prefer, but either way, I think the original item needs to read "changed delivery."
And while we're at it, either of these would be more clear if "changed delivery" were changed to "changed email delivery" or better yet, "email delivery method."
And I still wonder what "changed subscription plan" means.
Messages are the sole opinion of the author, especially the fishy ones.