I got 5.0.1 to work on my Mac, but I had to use some Terminal commands.
First, install Zoom 5.0.1 and launch it. Then quit it.
Next, make sure you have the Xcode Command Line Tools installed. You can check by opening a Terminal and typing
If they are not installed, it will prompt you to do so.
Finally, unsign the application. This will remove any restriction to load the drivers needed to support virtual cameras.
codesign --remove-signature /Applications/zoom.us.app
Launch Zoom and the virtual camera should reappear!
My guess is the virtual camera capability has been present all along (since 4.6.9) but due to application signing changes the drivers couldn’t be loaded.