The settings from the GPO at the computer level take precedence over the registry at HKLM\Software\Policies\VMware, Inc.\VMware VDM\Client\USB.
The settings apply at the computer level. The following table describes each policy setting for splitting composite USB devices in the Horizon Client Configuration ADMX template file. Policy Settings for Splitting Composite USB Devices On connection, Horizon Client downloads the USB policy settings from Horizon Agent and uses those settings, together with the Horizon Client USB policy settings, to determine which devices are available for redirection from the host machine. You can define USB policy settings for Horizon Agent and Horizon Client.