There were some recent changes that affected Mask tracking in Beta. These issues were just resolved and Mask tracking should be working again in 26.3 Beta build 017. Sorry for the disruption.
Having the same issues, object mask tool is stuck at initialization. Was having this issue the last couple of days, just updated the beta to the latest version right now and still stuck at initialization. Tried clearing media cache, nesting the footage, etc, nothing works. Currently on 26.5.0 BETA, and I’m not going to waste my time listing all the details of my system because I’m sure this isn’t a hardware problem because lots of other reports of this issue pointing to it being a software issue.