"works on all drivers" isn't answering the question. The question is: does the software and any associated drivers work on Windows 11 ARM.
Third party mouse enhancements won't be passed through the VMware USB virtual mouse device to a guest. So there will be no seamless passthrough of the host mouse enhancement software (i.e. the extra button capabilities) to the VM guest.
However, you should be able to take the advice of KB article https://knowledge.broadcom.com/external/article?legacyId=1033435 (with all the warnings) so that the mouse can be connected (not shared) with the VM (note that if you do this, you are connecting the mouse to the guest and it's removed from the host). At that point if the guest is seeing the mouse properly, it's up to the mouse's drivers and software installed in the VM to configure the special functions of the device - which are not coordinated with what you may have set for the device on the host.