Truesight states:
A monster with truesight can ... see in normal and magical darkness, see invisible creatures and objects, [and] automatically detect visual illusions ...
Heavily obscured is created by a variety of effects as noted in its description:
A heavily obscured area—such as darkness, opaque fog, or dense foliage—blocks vision entirely.
Now, we know that Truesight can see through darkness of any kind, and so if the heavily obscured area was created by darkness, Truesight would be unaffected.
However, there are a variety of game effects that create a non-darkness-related area that is heavily obscured such as the spells below:
The sphere spreads around corners, and its area is heavily obscured.
Its area is heavily obscured.
For example, if a mezzoloth were to cast Cloudkill on itself to hide from a player using the Shield of the Hidden Lord's Truesight ability, could the Shield see it?
Can Truesight see through an area that is heavily obscured?