We are given that \( |w| = 2 \), meaning the modulus of \( w \) is 2. The given expression for \( z \) is:
\[
z = w - \frac{1}{w}
\]
We need to determine the set of points \( z \) satisfies. First, note that:
\[
w = 2 \cdot e^{i\theta} \quad {(using polar form of complex numbers, where \( \theta \) is the argument of \( w \))}
\]
Then, \( \frac{1}{w} \) is the reciprocal of \( w \), which is:
\[
\frac{1}{w} = \frac{1}{2} e^{-i\theta}
\]
Thus, the expression for \( z \) becomes:
\[
z = 2e^{i\theta} - \frac{1}{2} e^{-i\theta}
\]
Now, to find the modulus \( |z| \), we calculate:
\[
|z| = \left| 2e^{i\theta} - \frac{1}{2} e^{-i\theta} \right|
\]
The maximum value of \( |z| \) occurs when \( e^{i\theta} \) and \( e^{-i\theta} \) are aligned such that the magnitude of \( z \) is maximized. By calculation, it turns out that:
\[
|z| \leq 3
\]
Thus, the correct answer is Option D.