From the log, it looks like the Windows 11 host has Hyper-V enabled.

2021-11-04T12:48:09.587-05:00| vmx| I005: IOPL_Init: Hyper-V detected by CPUID
2021-11-04T12:48:09.654-05:00| vmx| I005: Monitor Mode: ULM

Remove services that rely on Hyper-V and Hyper-V itself.

Follow the guide here https://kb.vmware.com/s/article/2146361

Hyper-V removed the Monitor Mode in the vmware.log should show CPL0 instead of ULM.