Hi Vinod,
Sorry for the late response. Thank you very much @vinnysail for referring (Workflow - Remove Entitlements from selected source). We implemented this in our environment, and it totally meets the expectation of our requirement, and this is working in our PROD environment successfully now. My biggest thanks to everyone @shaileeM @jesvin90 @Abhinov @AdisharmaOz @jkalle here in this post for suggesting different ideas which led to a solution.