I have a Win 10 2004 Host (19041.508) with VMware Workstation 16 installed. I changed the "Control Panel\Hardware and Sound\Power Options" and select the host to hibernate when press power button. Then I press the host power button to hibernate the windows host and press the power button again to bring it back. However can not reproduce your issue.
Would you please have a check if the "Ethernet adapter VMware Network Adapter VMnet1" and "Ethernet adapter VMware Network Adapter VMnet1" can be seen through the "ipconfig /all" output?
I think I have found the problem and it is to do with the arp cache not sending out an ARP request for the guest VMs IP.
If I have a command prompt in my hose attempting to ping my guest and then I sleep my laptop then as soon as it comes back I get request timed out. But the host isn't sending out an ARP request for each ICMP request when the address is known.
Then after about 1 min I finally see an arp request from the host as shown in packets 3&4 as wireshark stops capturing when you sleep / hibernate and then the host can ping the guest.
I have also applied all bios, other firmware and driver updates to the Toshiba laptop.
But doing a ping once I resume from hibernate or sleep does seem to bring the host back, and this has only started since I upgraded to Windows 10 2004 as I have not had this problem prior.
And further on this, it seems that it can take up to 60 seconds or more of constant pinging for the host to kick off an arp request. If I delete the arp cache, or start a continual ping from both the host and guest.. it seems to figure itself out.