As long as you approach the rabbit calmly and try to cuddle the rabbit calmly then yes most rabbits do enjoy being held and cuddled.
Just approach the rabbit in a calm way and pick it up in a calm way as to not scare it but if the rabbit refuses to be cuddled then let it go as not every rabbit likes to be petted and cuddled and some like to be just left alone and that's okay too.
It also may take some time for the rabbit to get used to you if it's never been around you or anyone else they know.