The reason you are getting no networking is that Fusion provides a vmxnet3 virtual NIC for its Windows 11 VM and Windows 11 ARM does not have a driver for this NIC out of the box. Fusion Help has a topic "Manually Install VMware Tools on Windows" that describes how to install VMware Tools on Windows 11 ARM, but it's incomplete IMO.
Here's a procedure that I've used for the Tech Preview that should work for initial setup of Windows 11 ARM It avoids what you're seeing.
After initial installation of Windows 11 ARM from ISO, you'll see the first screen for the Windows setup process:
Don't click in this window. Instead, press Shift-Fn-F10 that will open a Windows command prompt running as an admin.
At the command line prompt, execute PowerShell:
powershell
Go back to the Fusion menu bar and select Virtual Machine -> Install VMware Tools. Click "Install" on the next dialog when prompted. The VMware Tools ISO will be mounted to the VM as the D drive.
Wait a few moments while the D drive is mounted. Then go back to the Powershell window and type the following commands:
d:
Set-ExecutionPolicy RemoteSigned
.\setup.ps1
Drivers for both vmxnet3 and VMware SVGA 2D graphics will be installed. The screen will blank out briefly while the graphics driver is installed. If you feel like poking around, there is a readme file on the D drive that provides more complete documentation on the setup.ps1 script that installs the drivers.
When the drivers finish installing, reboot the VM with the following PowerShell command:
shutdown /r /t 0
After reboot, the setup process will restart at the first screen. Continue the process and the network will be discovered.