An embarrassing update on my issue (MBP 2016 Big Sur 11.2.3, camera stopped working for Facetime when migrated from Catalina to Big Sur)...
I contacted Apple again and was put in touch with a tech who worked with me to view various settings. He noticed I was running Norton and asked I could "turn it off" to see if it was causing an issue. Absomolutely! I de-installed Norton entirely and upon restarting, my camera was once again working. He recommended I get with Norton to see if they could fix the issue, stating that how some camera settings may have been changed and applied differently and that Norton may not have caught up yet.
I should have tried that on my own. In hindsight, blaming Apple so quickly without exhausting all avenues was an embarrassing mistake {blush}. Not that they haven't been slow to respond to other issues in the past mind you. They've had their share of poor performances.
I reinstalled Norton and was pleased to find that my camera still works. I assume something in what Norton had done in settings to work with Catalina got stepped on by Big Sur, but when reinstalled it was smart enough to successfully work with and around Big Sur. No follow-up with Norton required. Yay!
So my problem is solved, but I am sure many of you do not run Norton so feel this is unhelpful for you. Understandable. What I would suggest however, is looking at any application that uses your camera and ensuring it is up to date, PERHAPS even going so far as to uninstall/reinstall., especially any anti-malware app(s) or other system-level you may have running.
I hope this is helpful to at least some of you. I wish you the very best of luck!