VMware Fusion Player (whether free for non-commercial use or paid) does not have the ability to configure custom networks, therefore has no Networks tab in its application preferences, and no network simulation options. Those features requires VMware Fusion Pro.
VMware Fusion Player 12 can configure individual VMs to use different network modes (shared, bridged with autodetect or to a specified host network interface, or host-only), since that was a feature of non-Pro VMware Fusion 11.x and earlier. This is done via the VM's settings, Network Adapter section.
