Nested paging applies only when the processor is in the guest-mode
After VM exit, hypervisor runs under traditional paging using the current (host) CR3
Nested paging is two-phased
First translation (VA -> GPA) is done exclusively based on guest controlled data (CR3 and paging structures in guest accessible memory)
Failure in this phase results in #PF, which is handled exclusively by the guest using guest IDT
Second translation (GPA -> PA) is done exclusively based on hypervisor controlled data (EPT pointer/nCR3 and nested paging structures in guest inaccessible memory)
Failure in this phase results in VM exit, which is handled exclusively by the hypervisor
AMD: 📖15.25.6 Nested versus Guest Page Faults, Fault Ordering