This has two answers...

So, I just loaded one of my DOS VMs on my personal laptop running Workstation 17.0.  It does load and run and appears to work correctly.

However, if you need to mount the DOS FAT-formatted virtual disk to your host PC to copy files to/from it, that functionality no longer works.  The last version which worked correctly is Workstation 16.1.2.

So, it depends on how you use your DOS VMs.  For my work laptop, I have stuck with 16.1.2.