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.
