When a layer style is applied to a vector layer—such as a text layer, a shape layer, or a layer based on an Illustrator footage item—visual elements that apply to the edges of the layer’s contents apply to the outlines of the vector objects, such as text characters or shapes. When a layer style is applied to a layer based on a non-vector footage item, the layer style applies to the edges of the layer’s bounds or masks.
You can apply a layer style to a 3D layer, but a layer with a layer style can’t intersect with other 3D layers or interact with other 3D layers for casting and receiving shadows. 3D layers on either side of a layer with a layer style can’t intersect one another or cast shadows on one another.
When you use the Layer > Convert To Editable Text command on a text layer from a Photoshop file, any layer styles on that layer are also converted to editable layer styles.