That's sort of the wrong question.
If the VST tells Reaper it only has one preset (well, "No preset", actually) and then, internally, presents a control that allows you to change its sounds, then Reaper isn't to know. However, there may be automation relating to the control and there may be MIDI CC relating to the control -- but that's entirely down to the VST.
You can see exposed automation (with the naming supplied by the VST) from the Reaper FX track window "Param" button -- with options for binding the automation controls in various ways (including to MIDI CC).
Finally, if the VST
does support multiple presets, you can use the "+" button (to the left of the "Param" button) to link a MIDI Program Change to a particular preset. (I've not tried this but I'm assuming the PC values bind automatically to the presets, sequentially - so you don't really get to choose the allocation scheme.)