To be honest this is difficult to answer with that little information.
The host cpu is kind of a pass through device for the guest. so the guest sees the same cpu that the host does with the same features. You can per vm define certain masks where you could hide features of the physical cpu from the virtual one. In modern processors where you find hardware assisted virtualization technology the vitual machine monitor runs in root mode while the guest runs in ring 0.
I you talk about device access, in general all access to physical ressources takes place through the vmkernel. But if your hardware supports that you could use a feature called DirectPath I/O where the guest os driver directly talks with the hardware without the hypervisor(storage controllers, network cards, gpu´s) . I recommend https://communities.vmware.com/docs/DOC-11089 for reading.