To add a Shadow effect to an image or a video on the canvas:

Step 1: Select the media.

Step 2: Click on the Effects icon option on top to open the left effects panel.

Step 3: Here, activate the Shadow option.

We can then add a shadow color, change the shadow's opacity, adjust the shadow's distance and angle with respect to the media, and give it a blur if required.

We can also choose from a few premade shadow effects available in the Presets option.