I had to manually patch the vmmon module to work-around/resolve this issue.
Here is what I did (on Ubuntu 22.04):
mkdir /tmp/work
cd /tmp/work
tar xf /usr/lib/vmware/modules/source/vmmon.tar
cd vmmon-only/
# Edit the code - patch
vi linux/hostif.c
#
# Change the following in function HostIF_SetFastClockRate(), line number 3353
#
# from:
# if (rate > MIN_RATE) {
# to:
# if (false) {
#
# Save the file and exit ( :wq )
#
# Build the module
make
# If the above is successfult then the vmmon.ko module would be placed in current directory
ls -l ./vmmon.ko
#
# Unload the module
# Make sure there are no VMs running
#
sudo rmmod vmmon
# Save a copy of the original module, in case we need to revert back
sudo mv /usr/lib/modules/$(uname -r)/misc/vmmon.ko /usr/lib/modules/$(uname -r)/misc/orig.vmmon.ko
# Copy our newly built module
sudo cp ./vmmon.ko /usr/lib/modules/$(uname -r)/misc/vmmon.ko
# Load the newly built module
sudo modprobe vmmon
# Verify that the module has been loaded
sudo lsmod | grep vmmon
#
# Now save the patched sources
# so that if the ubuntu kernel is updated in future and
# VMware player/workstation needs to rebuild the modules,
# ensure that your changes are preserved
#
cd ..
tar cvf vmmon.tar vmmon-only/
sudo mv /usr/lib/vmware/modules/source/vmmon.tar /usr/lib/vmware/modules/source/orig.vmmon.tar
sudo mv ./vmmon.tar /usr/lib/vmware/modules/source/vmmon.tar