It's completely working fine with hardware compatibility 16.2.x version but its crashes when it's set to 17.x version. So I've powered off the VM, change the compatibility from 17 to 16.2, made the required changes, and again changed the Hardware version to 17 then powered on the VM. Let me know if this worked for you.

This worked for me. I'm using VMware Workstation 17 Pro with Windows 11 Pro.