If you do re-encrypt the VM, unless you have a really, really good reason (whic most do not) use the option to “encrypt only the files needed to support a TPM”, I.e. partial encryption. That will allow you to add the TPM but not pay the performance penalty of an encrypted virtual disk.
I’ve removed the TPM from a Windows 11 VM to decrypt and re-encrypt. I added it back after re-encrypting and the only ill effect I had was having to re-validate my login (I use Windows Hello with a PIN to log into the VM.).
the sticky part of losing a TPM comes if you have Bitlocker enabled in the VM (which few people do). Then it becomes an exercise in Bitlocker recovery that you have to prepare for, but that’s a Windows specific task and nothing to do with Fusion.