Not necessarily.
In many CloudStack network configurations, the VM has a private address while CloudStack networking handles the relationship between the private VM IP and the public IP.
For example:
Internet
↓
Public IP
↓
CloudStack Network / Virtual Router
↓
Private VM IP
↓
VM
Depending on the configuration, CloudStack can provide services such as NAT, port forwarding and firewall rules.
So when troubleshooting public connectivity, don’t only inspect the VM’s network interface.