There's nothing informative in the VMware logs.
However, using Jose Fonseca's apitrace, I isolated several sample traces of guest OpenGL activity that demonstrate the issue.
I don't see any way to attach those traces here (and they're 150MB in total), but I can at least provide video captures of the problem.
First, here's one of the samples, with hardware acceleration enabled, showing how it's getting rendered in Fusion:
That exact same trace renders correctly with hardware acceleration disabled in Fusion (and, for good measure, VMware Workstation even with hardware acceleration):
I confirmed that the rendering bug happens on both x64 and Apple Silicon, so it's something in the Metal translation layer.
I can provide the traces to VMware if they provide me some way to do so.