I think many people would prefer bad news like this in an email. I know this was a long (!) hiring process and the willingness to tell someone to their face is noble, but I imagine it might be both unexpected in a Zoom call and hard to process with someone looking at you.
If the intent is to give a verbal explanation, I’d send an email with the news and then offer to connect on Zoom for that.
(But I’d also avoid a process anywhere close to this long.)
I never understand that idea, that having a face to face rejection (or over Zoom) is better than an email.
How much less can you value an applicant's time? You already are a 'no' so set them free to spend time on finding a job elsewhere. Sure, if you want to offer a call to go over the details some people will take you up on it, but recognize this call is for the hiring manager to feel less bad about saying no, or so people won't badmouth the company for jilting them during hiring.
Either way, it is self-serving and the opposite thing any company should do if they want to treat applicants with actual respect.
If the intent is to give a verbal explanation, I’d send an email with the news and then offer to connect on Zoom for that.
(But I’d also avoid a process anywhere close to this long.)