Using the Cloud Connector to connect to the on-premise SAP HANA is possible with SAP HANA Cloud QRC04/2020 version as mentioned in Blog
Spotlight: SAP HANA Cloud and the SAP Cloud Connector by Laura Nevin.
We have now also made this available using the SAP HANA Cloud trial landscape so anyone can follow
our step by step tutorials to learn how to federate queries from SAP HANA Cloud to SAP HANA on-premise using virtual tables and/or replicate data with a more natively optimized replication using remote table replication. Blog A new approach for replicating tables across different SAP HANA systems by Seungjoon Lee explains the remote table replication in more detail.
Keep in mind that the connection from SAP HANA Cloud to on-premise is using the Cloud Connector but the connection from on-premise to SAP HANA Cloud is a direct connection using the URL endpoints as the service channel is currently not supported for SAP HANA Cloud.