Yes its possible. See KB article https://kb.vmware.com/s/article/86207
As you read this KB article, I would make the following suggestion
Do not use the experimental vTPM (Step 3, option A). Either fully encrypt the VM (Option B) which is a performace hit and add the TPM device, or tell Windows to bypass the check for a TPM device (Option C).
The 22H2 Fusion Tech Preview that runs on Intel Macs has better support for Windows 11 as it has a better-implemented TPM device. If you don't mind working with pre-release software, you might want to check that out if you need Windows 11. The features present in this preview will probably see the light of day in the next GA version of Fusion (hinted at later this year - check into VMware's user conference later this month as they usually announce those kinds of things there).
- Paul (Technogeezer)
Editor of the Unofficial Fusion Companion Guides