As you can see inside the VM, the DDI level is "unknown" instead of 11. Considering it is Rust program, I would think it does not rely on DX11 (it is too specific to Windows) but would use something more open and portable such as OpenGL or Vulkan. But you have to verify with the library that you use with the Rust program.
The host graphics is Intel HD 3000. The HD 3000 supports up to OpenGL 3.1, so I suspect the DX10.1/OpenGL 3.3 will also not work with Workstation 15.x compatibility. I suspect that is too old and thus missing some features for VMware Workstation needs to deliver DX11 inside the VM.
You could try changing the virtual hardware compatibility to Workstation 15.x and see if you can get DX10.1/OpenGL 3.3 core profile inside the Windows 7 VM. If this gets you DX10.1/OpenGL 3.3 core profile inside the VM, I think it will not help with the Rust program.
