Don't know, but you say that you created also a new VM. Do they run on the old one using Player 16.x? No Windows computer is exactly the same, no matter how you install it. (You can also always make copies and test on a copy, if you are concerned for making unwanted changes to the original).
As for the problem itself - what happens when it doesn't work? What is the Host and what is the Guest OS? If you have Windows 10, the actual version can make a big difference (version like 1909, 2004, or something else). What were the OS versions when it did work?
