Shadow and highlight adjustment layer

Hi

Shadows & Highlights has never been an adjustment layer. It is only available in the adjustments menu as shown by Bojan

Dave

Got to Image > Adjustments > Shadow/Highlights. It also works with Smart Object layer, by the way.

If you still do not see Shadows/Highlights then check that eyeball on the right side is visible from Edit > Menus > Image > Adjustments > Shadows/Highlights.