You are right, the FPGA fabric can directly access the SDRAM connected to the HPS SDRAM controller, through the FPGA-to-HPS-SDRAM interface. It can also use the FPGA-to-HPS memory mapped interface (on the left) to access any address in the HPS space, including peripherals and RAM.
Some HPS pins can be accessed from the FPGA fabric, but their number is limited (32 total I think?) and don't expect high I/O timing performance from them. When you configure the HPS core in QSys, you can connect each HPS pin either to a hardware I/O controller inside the HPS (uart, spi, ethernet....), as a GPIO, or as connected to the FPGA fabric. In the latter case QSys will export a logic vector for you to use.