There's a VMware whitepaper on Performance Best Practices here https://www.vmware.com/pdf/Perf_Best_Practices_vSphere5.5.pdf
that explains default hardware BIOS settings might not be the best choice for optimal performance and the whitepaper also lists some of the BIOS settings you might want to check.
Virtual Machines may run slower when we use the default which typically save power, see this KB: Virtual machine application runs slower than expected in ESXi (1018206) | VMware KB
The BIOS settings are settings as you mentioned, balanced/high/custom mode, C1E, power settings, etc.
The whitepaper recommends to set power management to OS Controlled mode so ESXi can control CPU power-saving features, disable C1E on high sensitivy I/O latency.
The BIOS settings name may be different across vendor, for HP you can refer to the HP ROM-Based Setup Utility User Guide
There are some blogs that lists what should we config on HP BIOS/RSBU, see these 2 links:
Optimizing HP BIOS Settings For VMware vSphere - Davoud Teimouri - Virtualization & Cloud
Recommended BIOS Settings on HP ProLiant DL580 G7 for VMware vSphere | Boerlowie's Blog