Video effects are missing from the effects library

If that was in the Obsolete directory, you won't have that ... or any other of the Obsolete effects. As they were listed as such because they weren't going to be updated, typically because 1) there actually is a math problem with the effect or 2) it can be achieved with something else.

And M1 ... would have required rebuilding the code for any of those to be used. Ain't happening.

For this, their primary suggestion is the Color Workspace, Lumetri panel, HSL tab. Select a color, and create a mask for it. Then use the controls in the bottom of that tab to set what it goes to.

Neil