Hi Technogeezer!
Thanks for your comments and explanations!

I should have been more precise in my question as I did not explain clearly that I did NOT enable
the three entries marked with the red arrows. My settings are currently exactly as shown in the screenshot. 

With these setting, the VM does start but is extremely slow (like 10-20 times slower than normal).
The vmware.log file shows the entry:  2023-06-19T08:01:48.665Z In(05) vmx Monitor Mode: CPL0

Also I am wondering if the VM "Hardware" settings with respect to the "Processors" entries need
to be adjusted - possibly depending on the related "Windows Feature" settings...

The image below shows my current VM Hardware setting:

I am grateful for every hint/tip...