Virtual Backgrounds not working on a new M1 Mac Studio

I have a new M1-based Mac Studio running macOS Monterey version 12.3.1, running Zoom version 5.10.1 (5839) which I just downloaded and installed again. When I go to Virtual Backgrounds, only the standard backgrounds appear and if I try to add a custom one, it doesn't get added. I went to Settings on Zoom in my web browser and double-checked that the Virtual Backgrounds feature is enabled (it was). Nothing changed in my setup other than upgrading my M1 Mac Mini to a Mac Studio (transferred all files from the Mini). Any other ideas?