It is not. WebBrowser uses Internet Explorer which is a COM component. COM components have a threading model, IE uses "Apartment". Which is an expensive word that means it is not thread-safe. You are allowed to call its methods in a BGW but COM will automatically marshal the call to the UI thread. Since all method calls and property accesses actually happen on the UI thread, you will make it slower by using a BGW.
You can in fact run WebBrowser on another thread, you'll have to create an instance of it on that thread. And you will have to create a thread that is a so-called Single Threaded Apartment. STA, an acronym you might well recognize from the [STAThread] attribute on the Main() method of a Winforms or WPF application. Changing a worker thread to STA requires calling Thread.SetApartmentState() before you start it. You cannot do this for a BGW. And the thread must pump a message loop to implement the STA contract, it must call Application.Run(). Required, for one, to get WebBrowser to raise its events. This answer shows the approach.
Consider using the WebRequest class.