There are no VMware Tools in a Windows 11 ARM VM other than the graphics and network drivers. That means there is no VMware component in the VM that will sync the time in the guest with the host, or gracefully prepare the Windows guest for suspend or resume.
You are correct in that Windows Time service does not frequently update (one source I found says it updates weekly) and won’t update under certain circumstances (especially if the delta between the local and remote clocks is too great). If the VM or host is suspended, the clock stops in the guest.
You will need to use other Windows mechanisms to sync the clocks after suspend until VMware delivers a full VMware Tools implementation.