Microsoft released a new version of PowerToys that adds a bunch of fixes and improvements. Microsoft said that the focus of this release was to improve the FancyZones editor, add some new toys into PowerToys Run, some ARM64 work, and stability. The company also said that it internally tested version 0.31.0 but didn't release it due to a bug in the FancyZonez Editor.
Regarding the Video Conference Mute Utility, the wait might be longer than expected. Microsoft plans to roll out a DirectShow based version in February and will merge the utility into the main PowerToys repository sometime in March.