How do I remove these shapes and texts highlighted by yellow color? (attached screenshot)

There is no need to hide anything highlighted outside the frame. You are looking at the layer frames and they don't render or preview. Nothing is wrong. The little rounded rectangle you circled is one or two layers in the comp. Try clicking directly on the center of that object with the Selection tool (v) to highlight the layer in the timeline. It should select it. If it does not then go down the timeline and start soloing layers until you find the layer with the oval. If it is in a nested comp (pre-comp) you'll have to double click the layer to open up the nested comp's timeline and find the rounded rectangle in there. It might be two or three layers deep. Here's an example from another post showing how to find the source layer that is causing the problem with an expression using the flowchart:

If the template was well prepared and the layers are appropriately named, and the problem rounded rectangle is buried in a nested comp, try opening up the Flow Chart and looking for the suspect layer there. If you double click on any layer in the flow chart it will take you directly to the layer in the comp. I use flowcharts all the time to find things.

At the risk of offending let me suggest you spend some time with the User Guide. Just poking around in the UI and watching some poorly produces enthusiast authored tutorials on YouTube is going to waste a lot of your valuable time. Also, cropped screenshots that don't show workflow and properties of problem layers are pretty useless for diagnosing problems. 'UU' is your most valuable troubleshooting shortcut. The solo layer switch is probably the second most valuable troubleshooting tool. Embedding screenshots makes it a lot easier for us to help you.

I just downloaded your image, before you upload again, deselect all the layers and press U (U + U) twice to see the adjustments made in the layers but do not cut anything, take a screenshot of your entire interface, otherwise no one can probably help you because more visual information is needed in addition to textual information.

Please use these buttons to upload images or videos.

Hi 😌

If they are not visible in your layers panel they must be locked and hidden with the shy switch no? 🤔 🤔