I have had no time to diagnose what might be the root cause of my problem.
I upgraded to 11.5, and both a Win 7 guest and a Win 10 could no longer utilize SmartCards inserted into an SCR3310 USB card reader...after successfully doing so for YEARS as a guest OS.
I rolled back to 11.1 and restored my guest VMs from backup and everything worked again.
I don't need 11.5, but I do need a working SmartCard reader, so I am just going to stick with 11.1.
I hope this post saves someone from a lot of aggravation.
For completeness, here is my info:
Host: 2016 MBP 15
Host OS: macOS 10.14.6
Guest OSes: Win 7 and Win 10
Additional Guest Software: IntenTrust/Gemalto SafeNet SmartCard Utilities v10.3 (aka SafeNet Authentication Client)
Guests fail on Fusion 11.5, work normally under Fusion 11.1