Yes and no. If the VM has network access you can still royally fuck yourself. Also, it's possibe your virtualisation software has a vulnerability—that way it may still infect your host machine.
More often than not VMs may protect you, but it's no guarantee.
it’s possibe your virtualisation software has a vulnerability
If you’re that paranoid I don’t know why you’re running an executable whose source code you haven’t checked in the first place.
