Hi Dharmik punani,
Thanks for providing the Windows version and the steps you have already tried.
Since the Search panel still opens but Search Highlights and its corresponding Settings option are missing, this does not necessarily point to something that another Registry edit will resolve. The documentation cited in the AI answer confirms the Search Highlights policy, but does not document a consumer Settings path for that toggle on the build you listed.
I would therefore hold off on additional Registry changes. You can safely continue using Windows Search without Search Highlights while keeping Windows updated normally.
I hope this helps you avoid unnecessary changes while keeping the system stable.