Apparently there's no public API for checking whether that option is on.
According to the UIKit Function Reference, the only checks you can perform are the following
UIAccessibilityPostNotification
UIAccessibilityIsVoiceOverRunning
UIAccessibilityIsClosedCaptioningEnabled
UIAccessibilityRequestGuidedAccessSession
UIAccessibilityIsGuidedAccessEnabled
UIAccessibilityIsInvertColorsEnabled
UIAccessibilityIsMonoAudioEnabled
UIAccessibilityZoomFocusChanged
UIAccessibilityRegisterGestureConflictWithZoom
UIAccessibilityConvertFrameToScreenCoordinates
UIAccessibilityConvertPathToScreenCoordinates