In cloud, is it possible to access guest VM from host machine?
Yes of course.
The host machine, the hypervisor has full control over the VM and the cloud provider has full control over the hypervisor and thus the VM.
The hypervisor controls that a VM, when launched, comes with virtual console, virtual hard drive, virtual serial port, one or mor virtual NIC's etc.
Frequently the cloud provider grants the customer using that cloud server remote access to the virtual console for out of band management. (That does not require access to the hypervisor by the way.)
And there is nothing that prevents the cloud provider, other than SLA's, contracts and privacy agreements, from also connecting to that virtual console, either directly from the hypervisor or though the same method that they use to grant their customers access.
(That is no different compared to when you host a physical server in a co-location datacenter. There too the provider can plug in a monitor, keyboard and mouse, insert an USB thumb drive or CD and see what your OS displays.)