Fixing VMWare Workstation `Device/Credential Guard are not compatible` and `64-bit Guest OS can't run on 32-bit host` errors

Symptoms

• VMWare Wrokstation Player shows a warning when you try to create a new 64-bit VM on a 64-bit host (Win10 Pro host in my case)
• VMWare Wrokstation Player just starts the vm, shows black screen and then an error message pops up, saying: VMWare Workstation and Device/Credential Guard are not compatible.

TL;DR;

• Disable Hyper-V and Windows Sandbox in Windows Features (Control Panel -> Programs -> Turn Windows Features On or Off)
• Enable processor virtualization in BIOS
• From elevated CMD (run as administrator):

  bcdedit /set hypervisorlaunchtype off
  shutdown /r /t 0
  

Some details of what might be wrong

• Make sure vitualization is turned on for the processor in BIOS (this step varies by BIOS manufacturer)
• In Windows’ features check that Hyper-V and Windows Sandbox are not enabled.

My experience

I had Windows Sandbox enabled in the first place. This was causing VMWare Workstation 15.5.2 to show the warning about 64-bit guest on 32-bit host. Even though the host was 64-bit in fact. I then uninstalled Windows Sandbox via Add/Remove Windows Features menu. Then I started getting the more common Device/Credential Guard are not compatible error message.
Running from elevated CMD:

    bcdedit /set hypervisorlaunchtype off
    shutdown /r /t 0

Did the final trick.