I have settings:
Share Mac printers with Windows - On
Default printer for Windows: Match the default printer on Mac
If you are going to connect the Printer directly to the Virtual Machine then I would not have the Virtual Machine's Settings set to share the printer. I would set "Share Mac printers with Windows" to "Off".
Connect USB devices:
Canon iP4900 series - Checked (Connect to Windows)
I follow printer driver installation instructions. When I am asked to connect printer, I turn printer on, and everything shows that the printer is connected, the installation program shows “The printer is not detected”.
I am following directions “Connecting a printer directly to a virtual machine through USB”.
According to iP4920 Getting Started the Printer is supposed to be turned on but not yet connected via USB meaning that you do not follow the steps in "Connecting a printer directly to a virtual machine through USB" section in the previously posted KB Article until prompted during the Printer Software Installation to connect the USB cable.
I would uninstall all traces of the Printer and printer Software in the Windows Virtual Machine before proceeding again while then following the directions explicitly as detailed in the manufactures documentation. Do not connect the USB from the Virtual Machine's menu until prompted and the Printer should be turned on before starting the software installation.
USB Printer installation can be very finicky and you need to follow the directions explicitly! 