No, SSMS cannot run directly on VMware Fusion running on Apple Silicon Macs because:
VMware Fusion for Apple Silicon supports only ARM-based virtual machines.
SSMS is a Windows application built for x86/x64 architecture.
There is no official Windows x86/x64 VM support on Apple Silicon via VMware Fusion.
Windows ARM version exists but SSMS does not have a native ARM version, so it won’t run properly even on Windows ARM.