Cool, I resolved the issue. A feature in Windows Security was using the virtualization components in the BIOS preventing VMware from accessing it. I turned off "Firmware protection". After doing so, System Information quit reporting that a hypervisor was detected. Sure enough the install of VMware Workstation went through with no reported issues and both my Cisco Modeling Labs and EVE-NG Pro VMs boot just fine! I do still have BitLocker enabled so that was not the culprit.
In Windows 11, to disable firmware protection:
Windows Security | Device security | Core isolation | Firmware protection
FYI, System Information still does not report that a hypervisor was detected even while running VMs in Workstation.