With a product such as Workstation, the total number of virtual CPU cores should really be less than what you physically have available.
So it you're building VMs with 1 virtual CPU each, no more than 23.
But you must also consider the other physical resources your VMs will use on your host system.
It really depends on the VMs, what they do and how much resources they actually need. Some time ago, I was running 12 light weight VMs on a machine with 4-core CPU (AMD Phenom 9750) for demo of networking setups and it worked nicely.
The only hard limits that I'm aware of are no more than 64 VMs running simultaneously.
Other than that, the only limits are your disk space, memory and CPUs (in general, you don't need to dedicate physical CPU cores to virtual CPU cores - unless you're fully utilising all the CPU cores in your VMs, you can have more virtual CPUs than physical ones; that's one of the purposes of virtualisation, to make better use of your processor; OTOH, I'd advise against assigning more RAM to VMs than you total have available on the host, because if anything starts swapping, you're in for a world of hurt).
> how many vm i can create practically ?
If practically is the key-question then the answer was already given: 64
Everything north of that number is outside the "possible and useful" range.
Obviously depending on the host physical hardware sometimes even a number like 20 can be outside the "useful" range.
Anyway - the max number of VMs is hardcoded in Workstation and has been set to 64 during the last years.
Suggestion - if the limit of 64 is a problem for you - then you should not consider to use Workstation at all. In times of host-operating systems like Windows 10 and Ubuntu 20 you cant assume that Workstation still performs like in the times with windows-2003 hosts.
Only option in 2021 that is acceptable for production use is ESXi.