I have solved my issue.

It turns out the libffmpeg.so I was using in lib_extra directory was the problem. While one version of libffmpeg.so might fix Twitter or Instagram problems they do not necessarily fix DRM Netflix or Spotify issues which uses Widevine.

To fix the problem:
I downloaded https://repo.herecura.eu/herecura/x86_64/opera-beta-ffmpeg-codecs-95.0.4638.32-1-x86_64.pkg.tar.zst from https://repo.herecura.eu/herecura/x86_64/ as mentioned in https://www.reddit.com/r/operabrowser/wiki/opera/linux_libffmpeg_config .
moved the libffmpeg.so to /usr/lib/x86_64-linux-gnu/opera-beta/lib_extra/libfmpeg.so and now I am all up and running.