The GT 9500 supports only shader model 4. DX11 is shader model 5 and DX10.1 is shader model 4.1. With 3D acceleration enabled on Player v16, the Player software will try to deliver DX11 capabilities to the Windows 10 VM but the host GPU won't be able to support it.
https://www.techpowerup.com/gpu-specs/geforce-9500-gt.c3373
It looks like OpenGL 3.2 was loaded.
2020-11-24T12:59:24.846+03:00| mks| I005: GLHostX11: Created context with GL 3.2, core: 1, robust: 1, resetStrategy: LOSE_CONTEXT
2020-11-24T12:59:24.897+03:00| mks| I005: GLRenderer: OpenGL Version: "3.2.0 NVIDIA 340.108" (3.2.0)
2020-11-24T12:59:24.897+03:00| mks| I005: GLRenderer: OpenGL Vendor: "NVIDIA Corporation"
2020-11-24T12:59:24.897+03:00| mks| I005: GLRenderer: OpenGL Renderer: "GeForce 9500 GT/PCIe/SSE2"
2020-11-24T12:59:24.897+03:00| mks| I005: GLRenderer: Driver Version: "3.2.0 NVIDIA 340.108" (340.108)
You need to replace the GPU with something more recent. With Nvidia, Kepler/Maxwell/Pascal/Turing GPUs should be fine. If you don't want to spend too much and don't want to worry about power draw, GT1030 or GT730/710 should be sufficient; although when buying these some have GDDR3 memory instead of GDDR5 so you have to pay attention to the specs.
As a workaround while waiting for a GPU replacement, you can either
disable the 3D acceleration or
keep 3D acceleration enabled but downgrade the virtual hardware version
You can downgrade the virtual hardware version by shutting down the VM and edit the vmx configuration file.
virtualHW.version = "12"
Try version 12, and if that doesn't work try 11, then 10, etc.
