From Microsoft Edge Canary version 86.0.621.0, the Paste and Go feature is back from the Microsoft Edge Legacy. For users who don't know, Paste and Go is a feature where if you right-click on the address bar and click Paste and Go, then Microsoft Edge will paste the URL or text in the address bar and automatically take you to that website or search the text respectively. Thank you Microsoft Edge team for bringing this feature back
For clarification, I had also posted this same conversation on Reddit and fellow Redditors on r/MicrosoftEdge subreddit pointed out that this feature is there in all of the browsers and is in Microsoft Edge Chromium from the very beginning. There would have been a bug in the past due to which I could not have noticed it.