Sometimes. Guard pages are not always used, depending on your OS or C compiler for example, and on how large your address space might be. Especially 32bit applications are quite limited in that regard. Embedded always lags behind a few decades. Commercial applications are often used long beyond their due-by-date, and vendors never seem to care about that stuff anyways.

If there is only one or a few guard pages, you can sometimes still get your exploit to work by "jumping over" the guard page with a sufficiently large stack allocation that isn't used. But that is admittedly rare.