Downgrade hardware compatibility

I need to run VMware virtual machine that was created on on VMware version 16 in VMware workstation 15. Is it possible to convert virtual machine in order to run it on lower version workstation?

Yes, with VMware Workstation, you can do this. I am not sure about ESX but it works in Workstation.

I took a Windows 98 machine at Hardware Compatibility Level 9 and converted it (making a Clone) to Hardware Compatibility level 6.

Both machines work, so you should not experience difficulty. Always (a) make a clone and (b) have a backup when changing compatibility.

VMware V15 is close enough to VMware V16 that the change should work. I did the conversion to lower level on VMware V16.

Original machine:

Clone machine at lower level.

Here is the VMware Setup to change Hardware Level.