I want to add 3 things to this discussion.
1) Not all VFDs include what most everyone accepts as motor Thermal Overload protection, especially older ones. It is not safe to assume that it is there unless the operations manual specifically describes "inverse time/current" (I^2t) type Overload Protection. Some have a feature that they CALL "thermal overload", but is likely a mistranslation and is just an overcurrent trip feature preset at a fixed value which may allow siginificant motor damage. It is probably for that reason that some motor manufacturers suggest imbedded thermal devices in the motor such as PTC resistors or RTDs, as a backup in case the VFD manufacturer has used a loose interpretation of the word "Overload".
2) If there is a bypass scheme included in the VFD package, the motor Thermal Overload Protection must be a separate protection relay so that it is in the circuit should the VFD be removed for servicing while the motor continues to run full speed.
3) While PTCs are an accepted method of OL protection, I have that opinion that they are more usefull as a backup device than as a primary source of thermal management. PTC protection relays are threshold trip devices. Granted bimetal OL relays are as well, and I will accept that the PTC may provide closer control of the true thermal condition of the windings, but only when compared to bimetal OL relays. IMHO, the best OL protection now comes from the "Thermal Model" algorithms used in many solid state OL protection devices, especially those that can provide biasing from current imbalance. They can provide warnings of impending OL, cooling rate variables and retentive memory of the motor thermal state without the need for devices in the motor windings, which if not ordered at the time of manufacture of the motor may be difficult to retrofit.
"Venditori de oleum-vipera non vigere excordis populi"