Sure, you can get there from here.
If you rely on Process Builder to do this... it will set values AFTER your DB commit attempt. So during create or edit on "Work Order", your users will select only "Asset" via lookup. Users won't need to set "Account" on "Work Order". Then, on DB commit attempt, the Process Builder can definitely set that "Work Order's" "Account" based on association with the selected "Asset".
This help article outlines a solution for a similar situation, have a look.
Finally, if you want a nice user experience (GUI stuff), i.e. you want the
Account field to dynamically populate DURING CREATE/EDIT mode based on lookup selection of Asset... then you are going to have to explore other solutions... such as Visual Flow, or custom lightning component.