Your virtual machine uses the default printer on the Mac as its default printer, unless you change it on the Printer panel in Settings.
For more information about configuring printers, see Install VMware Virtual Printer.
Print jobs go to the configured default printer.
In most cases, you can ignore the Remove Printer Port button. When you add a virtual printer to a virtual machine, Fusion adds a virtual serial port for the virtual machine. Fusion then uses the serial port to communicate with the virtual printer. Selecting Remove Printer Port removes both the virtual printer and the virtual serial port from the virtual machine.