Sorry, I don't know Hyper-V stuff.
but... 127.0.0.1 is a non-routable IP for localhost.
Every host has one. To reach the machine you'll need to
rem out the bind-address in /etc/mysql/my.cnf on the guest VM,
then restart mysql-server on the guest.
Then connect to the guest machine's assigned
IP in one of the following classes:
Once the guest VM has an IP in one of those ranges,
then use the 192.x.x.x, or 172.16.x.x or maybe even 10.x.x.x as the "hostname" in the connection properties
of mysql workbench for the Guest VM.
Sorry, wish I had more.