No, if one party deletes an established peering connection, the other party will not be able to access the VPC of the deleting party. A peering connection allows two VPCs to communicate with each other as if they were on the same network. Once the peering connection is deleted, this direct communication path is removed.
For example, suppose Company A has a VPC and establishes a peering connection with Company B's VPC. This allows resources in Company A's VPC to communicate directly with resources in Company B's VPC. If Company A deletes this peering connection, then resources in Company B's VPC will no longer be able to communicate directly with resources in Company A's VPC.
In cloud environments like Tencent Cloud, managing peering connections carefully is crucial for maintaining network connectivity between different parts of your infrastructure. If you need to ensure continuous connectivity or have specific requirements for network management, consider using Tencent Cloud's Virtual Private Cloud (VPC) and its associated networking services, which offer robust features for creating and managing peering connections.