Try this as a possible workaround:
- keep the Intel HD graphics enabled in the EFI/BIOS, so that you get to keep 2 displays booting up
- BEFORE you start the VM, disable the HD 4600 from the Device Manager
- AFTER VM boot up has completed, re-enable the HD 4600
Hopefully the result is your VM instance is using Nvidia and you get to keep your dual display configuration.
Under the hood, Workstation 12.5 for Windows is using DirectX 11; unless it is disabled in the vmx configuration.
It looks like it just creates a DX11 device context on whatever the first render device Windows gives it. When I switched Nvidia control panel to use Intel graphics as the preferred, it came first and Workstation simply created DX11 device context and sure enough the VM wasn't using the Nvidia GPU.
You will likely see something similar in your VM vmware.log that it just sees the Intel graphics first and simply just creates a DX11 device. So if the workaround is successful, your VM log should not show an Intel HD 4600.
This is the from the two different vmware log of VM startup.
Intel graphics as preferred
2017-05-02T07:03:38.386+08:00| mks| I125: MKS-RenderMain: Collecting RenderOps caps from DX11Renderer
2017-05-02T07:03:38.386+08:00| mks| W115: DX11Renderer: Enumerating adapter 0
2017-05-02T07:03:38.386+08:00| mks| W115: DX11Renderer: `Intel(R) HD Graphics 530` vendor=0x8086 device=0x191b revision=6
2017-05-02T07:03:38.386+08:00| mks| W115: DX11Renderer: video=128MB system=0MB shared=8123MB
2017-05-02T07:03:38.402+08:00| mks| W115: DX11Renderer: Successfully created a device
2017-05-02T07:03:38.402+08:00| mks| W115: DX11Renderer: Enumerating adapter 1
2017-05-02T07:03:38.402+08:00| mks| W115: DX11Renderer: `NVIDIA GeForce GTX 960M` vendor=0x10de device=0x139b revision=162
2017-05-02T07:03:38.402+08:00| mks| W115: DX11Renderer: video=4065MB system=0MB shared=8123MB
Nvidia graphics as preferred
2017-05-02T07:09:50.545+08:00| mks| I125: MKS-RenderMain: Collecting RenderOps caps from DX11Renderer
2017-05-02T07:09:50.545+08:00| mks| W115: DX11Renderer: Enumerating adapter 0
2017-05-02T07:09:50.545+08:00| mks| W115: DX11Renderer: `NVIDIA GeForce GTX 960M` vendor=0x10de device=0x139b revision=162
2017-05-02T07:09:50.545+08:00| mks| W115: DX11Renderer: video=4065MB system=0MB shared=8123MB
2017-05-02T07:09:50.889+08:00| mks| W115: DX11Renderer: Successfully created a device
2017-05-02T07:09:50.889+08:00| mks| W115: DX11Renderer: Enumerating adapter 1
2017-05-02T07:09:50.889+08:00| mks| W115: DX11Renderer: `Intel(R) HD Graphics 530` vendor=0x8086 device=0x191b revision=6
2017-05-02T07:09:50.889+08:00| mks| W115: DX11Renderer: video=128MB system=0MB shared=8123MB