Backup 2.4.3.2 to restore 5.1.26

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I have Dev cluster running 2.4.X

Yeah but you said: 2.4.3.2 which does not exist. Hence I'm asking.

Now when I tried to restore backup taken from CI, it is not restoring and not throwing any error, please suggest me what is the mistake.

Yes. I asked you to describe all the steps you did. Could you do that please?

Question is, can we restore 2.4.X backup snapshot from dev cluster to a demo cluster which is migrated from 2.4.x to 5.1.x?

It depends if the indices are compatible or not.
Which you can find out I believe by using the migration plugin: GitHub - elastic/elasticsearch-migration: This plugin will help you to check whether you can upgrade directly to the next major version of Elasticsearch, or whether you need to make changes to your data and cluster before doing so.

Sometimes it's easier to reindex the data. Specifically that we have from 5.x the reindex from remote feature. Note that it also works in 6.0 in case you'd like to be up to date.