Yes, it should be fine.
What it does is the vmx configuration is set to
virtualHW.version = "11"
You can also look at this KB: https://kb.vmware.com/s/article/1003746
The good thing about changing the setting at Workstation Pro is that it checks whether a VM is using a feature not available in lower hardware version and does not allow it if it does. For example, NVMe controller is available in 14.x and higher and changing to 12.x or lower will not proceed if a VM has an NVMe controller.