Steps suggested by FedEX-20 works on Catalina with Fusion 11.5.0 as well.
Thanks a lot!
All these cleanup steps weren't necessary for me.
The key here is to get Fusion to prompt in Security and Privacy. I was able to do that by simply having that setting open and booting my Windows VM.
Deleting the Fusion and reinstalling was enough after that to get USB working again.
I did an upgrade from Fusion10 to 11.5 after I had upgraded to Mojave.
Sadly for me it didn't work in Catalina with VMWare 11.5.0. However, I am on the developer version now at 10.15.1 Beta (19B77a) so maybe that's the problem. This on a 2019 iMac 5K.
In Windows 10 the 'PC VM' does know the USB is connected in the Control Panel Device Manager and the Windows audio splash occurs when a disk is attached or unattached as per normal, so the drivers are working but the disk never shows in the File Explorer. Nor does a utility such as MiniTools Partition Wizard see the attached USB drive. Vey strange!
I upraded from Fusion 10 to 11 while still having Mojave, and everything was fine, and I enjoyed the new dark Depeche-Mode-like design.
THEN I "upgraded" to Catalina and from this fatal moment on I could no longer connect to external USB devices.
They are shown in the list of available devices, I can establish a certain kind of connection, but then Windows 10 immediately starts ringing a noisy bell and the Windows device manager is indicating a kind of a USB 3.0 malfunction.
However, this all with VMware-USB arbitration service running.
Today (December 11) Apple has offered macOS 10.15.2, but nothing has improved.
Also, upgrading from Fusion 11.5.0 to Fusion 11.5.1 did not really improve the situation, it rather made it worse, since now the mouse pointer started to behave irregularly so that after a few minutes I repentantly reverted to 11.5.0.
For me, the only viable way to circumvent this was to parallelly install Mojave, an exercise which is fortunately easy with APFS, and to run a copy of Windows on a Mojave-based installation of Fusion 11.5.0.
Unfortunately, I cannot go back to Mojave totally (I wish I could), since meanwhile I have migrated my iTunes music library to the new music database format and once having done so, nothing in the world could induce me to do it again in the other direction.
So, I have to live now with Catalina and with workarounds in order to iron out its worst blunders.
A nice evening to everybody!