Thanks ! 

Setup another machine with Windows 10 Pro 22H2, installed VMWare 16.2.5, copied the same XP VM, no issue with the graphics performance.

Narrow down to Windows 11 Pro 22H2 + VMWare Workstation Pro 16.2.5 + XP VM = Slow graphics in the VM.

Applies to 2 PC now, so may not be the system hardware issue.

Hope they can investigate and find a solution with the VMWare tools update.