I've installed macOS 11 beta clients on a VMware Fusion 12.0.0 host (running on the latest macOS 10.15.7) in a couple of different ways. But in none of them have I ever been able to boot into the recovery partition. I follow the standard procedure (press Cmd-R as the virtual machine is restarting). But then I see a series of aborted attempts to launch the recovery app that lasts as long as I hold the Cmd-R keys. When I let the keys go, I get a "normal" boot.
I'm sure I can't be the only one who's seen this, but so far I haven't seen any bug reports. So here we go :-)
I've installed macOS 11 beta clients both as an upgrade from macOS 10.15.7 and directly (by dragging the "Install macOS Big Sur Beta" app onto the "Select the Installation Method" window). This bug happens with both kinds of client. Cmd-R does boot into the recovery partition when used from a macOS 11 beta installation on actual hardware. So I know this isn't a bug in macOS 11 itself, or not only a bug in macOS 11. I assume macOS 11 has changed how the recovery partition works, and Fusion hasn't yet caught up with these changes.
I did my initial client installations of macOS 11 using the Beta 6 (build 20A5364e) "Install macOS Big Sur Beta" app. Since then I've been upgrading them from within the client.
Thanks for reporting the problem. It's a known issue, we are working on fixing now.