Praise be to Allaah.
Yes, if the Mus-haf becomes worn out and there is the fear that it may be mishandled and may reach a state where it cannot be read and benefited from, there is nothing wrong with burning it or burying it in pure earth, because both were done by the Sahaabah (may Allaah be pleased with them). They buried Mus-hafs and they also burned them, when the Sahaabah united the people upon a single Mus-haf, which was the Mus-haf of ‘Uthmaan (may Allaah be pleased with him), and they burned all other Mus-hafs.
If a Mus-haf has reached a state where it cannot be benefited from because it has become worn out, then it should either be buried in a pure place, or be burned. Both were done by the companions of the Messenger of Allaah (peace and blessings of Allaah be upon him).