I'm afraid you are confusing some things, Abhishek.
- The "Apply" (Drop Shadow) command at the top of the Effect menu is a varying quick access command to immediately apply the last used effect with exactly the same last used settings.
- The "Drop Shadow ..." command below the "Apply" command also remembers the last used settings, but it additionaly opens the modal dialog of the corresponding effect (in case the user wants to set some different parameters).
- The Effect menu > Stylize > Drop Shadow ... command basically opens the Drop Shadow modal dialog with the default settings.
By the way, the Drop Shadow effect is always a raster effect, unless you set the Blur to 0 (zero).
... View more