my idea is to create two floating buttons one will be completely white and little bit bigger than original. you will put both on the same spot at the top of your bottom view and it will look like your background view is clipped.
<View
android:id="@+id/view"
android:layout_width="match_parent"
android:layout_height="64dp"
android:background="#f12"
app:layout_constraintBottom_toBottomOf="parent" />
<com.google.android.material.floatingactionbutton.FloatingActionButton
android:id="@+id/fab1"
android:layout_width="wrap_content"
android:layout_height="wrap_content"
android:layout_gravity="end|bottom"
android:layout_margin="16dp"
android:background="@drawable/bkg_circle"
android:backgroundTint="#fff"
android:padding="44dp"
app:layout_constraintHorizontal_bias="0.85"
app:layout_constraintBottom_toTopOf="@+id/view"
app:layout_constraintEnd_toEndOf="parent"
app:layout_constraintStart_toStartOf="parent"
app:layout_constraintTop_toTopOf="@+id/view" />
<com.google.android.material.floatingactionbutton.FloatingActionButton
android:id="@+id/fab"
android:layout_width="wrap_content"
android:layout_height="wrap_content"
android:layout_gravity="end|bottom"
android:layout_margin="16dp"
android:background="@drawable/bkg_circle"
android:backgroundTint="@color/colorAccent"
android:padding="12dp"
android:src="@drawable/ic_menu_offline"
app:layout_constraintBottom_toBottomOf="@+id/fab1"
app:layout_constraintEnd_toEndOf="@+id/fab1"
app:layout_constraintStart_toStartOf="@+id/fab1"
app:layout_constraintTop_toTopOf="@+id/fab1" />