The amount of physical memory is only relevant for the free edition which is limited to 32GB RAM and vRAM entitlement. For all paid editions it's only the vRAM entitlement that counts. With the Essentials editions the vRAM entitlement is technically enforced, which means you will not be able to power on VMs if this would violate the vRAM entitlement. For all other editions the limit is not technically enforced, but the administrator will be informed by vCenter Server about the usage.
In order to run your workload you either need to upgrade your 2 licenses to Enterprise (2 x 64GB/CPU) or add a third Standard license (3 x 32GB/CPU) to cover the 92GB VM. (Btw. the vRAM is capped at 96GB for a single VM) In order to be able to cover your vRAM with a third Standard license, you'll have to manage the host with vCenter Server (which also consumes vRAM if deployed virtually) which pools the vRAM entitlement.
Remember that the vRAM counts against the assigned RAM plus the VM's memory overhead.
André