When I apply a box shadow to an element and reduce the opacity of the box shadow with the slider, it reduces the opacity of the whole element, not only on the box shadow.
Plus, there’s no option to change the color of the box shadow itself.
The opacity is for the entire object, not related to the shadow. You can set the opacity of the shadow in the Theme Studio…
I recorded a quick video to show you how you can make custom Shadows with the Theme Studio, and also the inline Custom Shadow option!
Let m know if you have any more questions 
EDIT: there’s also more information (and another video) on it in the Manual, check it out below!
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Thanks @dan! Very helpful indeed. I’m sure you showed that in one of the earlier developer diaries now that I’ve watched your video. Totally forgot about the theme studio for this.
Your helpful video is much appreciated!
Super, glad I could help!