Recent ultrahigh energy gamma-ray observations by the HAWC up to 100 TeV and LHAASO observatories up to 1.4 PeV energies from the direction of Fermi-LAT 4FGL source 4FGL J2028.6+4110e (Cygnus Cocoon), are indicative of a hadronic origin over a leptonic process for their creation. The IceCube Neutrino Observatory has reported IceCube-201120A, a neutrino event coming from the same direction, suggesting that the Cygnus Cocoon may correspond to one of the most plausible sources of high-energy cosmic rays. The apparent relationship of the neutrino event with the observed ultra high energy gamma-rays from Cygnus Cocoon is investigated in this work to study if it can be explained consistently in hadronic interactions of accelerated cosmic rays with ambient matter. Our findings reveal that leptonic mechanisms, together with pure hadronic mechanisms, make a considerable contribution to the understanding of the total electromagnetic spectrum as well as the observed neutrino event. The estimate of expected muon neutrino events from the Cygnus cocoon agrees with the one muon neutrino event detected so far in IceCube multi-year observations. Thus, our results are indicative of the potential of the Cygnus Cocoon to be a galactic cosmic ray source capable of accelerating at least up to PeV energies.