From the vmware.log
2021-04-16T14:21:32.522+10:00| vmx| I005: Monitor Mode: ULM
It looks it is using ULM (instead of CPL0) for the VMM which means VMware Workstation 15.5.7 detected Hyper-V components running on the Windows 10 host.
If you don't need Hyper-V and its related features on Windows 10 host, you can turn it off and switch back to using the ring 0 VMM (CPL0). The ring 0 VMM is much faster than the ULM.
Refer to this KB on how to remove Hyper-V.
https://kb.vmware.com/s/article/2146361
One way to confirm the Hyper-V component is removed from the host is the Monitor Mode will be CPL0 instead of ULM in the vmware.log.
<timestamp>| vmx| I005: Monitor Mode: CPL0
Another thing to try is change the VMware Hardware Compatibility to 12.x.
Currently, it is set to 15.x.
2021-04-16T14:21:32.514+10:00| vmx| I005: DICT virtualHW.version = "16"
As the guest OS (XP) is very old, it is not really losing anything in terms of virtual hardware features. You can change the virtual hardware compatibility from the VM menu -> Manage -> Change Hardware Compatibility or edit the vmx directly
virtualHW.version="12"