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In older versions, I used this combination (see image). Beginning from version 2020, stroke and shadow effects on a folder with Fill Layer do not work.
We're happy to announce the release of Photoshop 22.1 which includes the fix for this issue.
Check out the list of all fixed issue here: https://helpx.adobe.com/photoshop/kb/fixed-issues.html
Let us know if the update resolves the problem for those affected and share your feedback with us.
That seems to be a bug on the Windows version of photoshop 2020 (21.2.2)
The Mac version doesn't appear to have this bug.
You should report it over here:
Thank you, I'll write.