I wouldn’t bet on it working. Workstation’s drivers are only compiled as x64 code. Drivers for x64 won’t work on windows ARM (drivers must be compiled as ARM native code and don’t work under Microsoft’s translator).
I would also expect that if VMware does provide a version of Workstation compiled for ARM in the future, it will only run ARM architecture operating systems. If Microsoft’s translator is anything like Apple’s Rosetta 2 translator, it doesn’t support translating the monitor mode instruction set and HAL needed for an x64 operating system to run under a hypervisor.
The situation with Workstation is like what happened with Fusion when Apple announced its ARM based Apple Silicon Macs. Fusion had to be re-written to run on the new Macs. It would not run under Apple’s Rosetta 2 x64 translator, and will not run VMs built on an x64 cpu.
You may wish to indicate your interest in running Workstation on Microsoft’s ARM PCs as a product enhancement.