Avinash, Did you recently change your requirements? I've been running virtual background for the last 6 months on: Intel(R) Core(TM) i7-3770 CPU @ 3.40GHz Now it suddenly doesn't work with the latest build.
To echo the sentiments of other users, virtual background option has been removed on my iMac 27" running macOS Catalina 10.5.6. This used to work before. I'm running the latest Cisco Webex Meeting version, 40.9.6.11.