You have your one immutable[0] particle that is left at the tail end of the heat death of the universe. It's not going anywhere, because there is nowhere to go. It's not doing anything because there's nothing to do. It is a lone observer, with nothing to observe.
Except! There would still be virtual particles creating and annihilating. Let's assume that there is an interval between these events (e.g., they aren't constantly present).
Would Aristotle say that no time passes between events? I would tend to say that time yet passes even during the periods when nothing else exists and nothing is happening.
Let's say the second to last things in the universe were another observer with a clock who could time and observe these virtual particle events, and this observer was able to time these events at a 1 second interval between events (duration of event is irrelevant).
And then that second-to-last observer and the clock suddenly annihilate somehow so that only your immutable particle remains. And the virtual particle events still happen at the same interval period.
Would the time interval between virtual particle events somehow be different without the clock/observer as with the sole immutable particle? That doesn't make sense to me, though I will certainly admit that it could very well be!
Aristotle's idea of time is not fully satisfactory to me, though I can't of course rule it out.
[0] Important! Because if the particle is not immutable, then it is waiting for change, which requires time.