var users = db.getUsers();
var expiredUsers = getExpiredUsers(users, Date.now());
var expiryEmails = generateExpiryEmails(expiredUsers);
email.bulkSend(expiryEmails);
This is not only much easier to read, it's also easier to follow in a stack trace and it's easier to debug. IMO it's just flat out better unless you're code golfing.
I'd also combine the first two steps by creating a DB query that just gets expired users directly rather than fetching all users and filtering them in memory:
expiredUsers = db.getExpiredUsers(Date.now());
Now I'm probably mostly getting zero or a few users rather than thousands or millions.