Same problem here:

Win 11 pro

12900KF

Vmware: 16.2.4

I was able to fix my settings by uninstalling VMware 16, then installing VMware 15. running the VMware-kvm.exe --preferences using VMware 15, then making my changes, then updating back to VMware 16. The preferences are still broken but at least VMware 16 saved my KVM settings from VMware 15. Looks like it's a VMware 16 bug, possibly only on windows 11. Hopefully, they will patch it soon.

Thank you