A canceled reservations will reflect the actual payout amount on the channel. This will not always be a zero amount; cancellation or other fees may apply and still be part of the payout.
The income report in Guesty For Hosts will reflect the data taken from the channel, which may include a balance for a canceled reservation.
If there is a discrepancy in the data, for example the reservation is zeroed out in Vrbo but still shows an amount in Guesty For Hosts, you can edit the payout details as needed to reconcile.