Instead of having to create layer effects from scratch, the Layer FX Studio can be used to apply a pre-designed style to your layer content. If you want to save combinations of layer effects for future use, these can be stored in the Studio as a custom style.
For vector shapes and text, the fill, colour and transparent properties of the shape/text can be saved as a style along with any applied layer effects. You can reuse the style on vector shapes later.
A style can be any combination of layer effects, fills, and line/text attributes.