I'm not aware of any new PD tool that removes all background from any video. If you're referring to the Green Screen feature shown near the top of the page here, that's simply chroma-keying, which has been part of PD for many years.

In the newest version of ColorDirector (both v9 and 365), there is a tool that will let you brush out the content you want to keep/remove and replace that with a blue or green screen. I haven't used that feature before, but here's a tutorial and here are the instructions for using it.

You can download a trial version and test it yourself to see if it's suitable for your needs.

yes I remember that brief YT video from before. So this is for Color Director 9. I have Color 7 myself

I am very curious about people's experience with that

You can also use that type of tracking on Color 7 but it is a pain if the video is longer to try to get it right; you may have to go frame by frame and that will take forever for even a 5 minute video

Not sure what advantage there is in the Color 9 version vs Color 7 regarding the tracking and color replacement, etc