You can remove a Drop Shadow layer style from your current layer and have it appear on its own separate layer (so you can edit it on its own, erase parts of it, etc.) by going under the Layer menu, under Layer Style, and choosing Create Layer. Now the drop shadow is no longer attached to the layer—it’s on its own separate layer directly below the original layer (as seen above left). They’re no longer linked together in any way, so you can treat it as a completely separate layer. If you just want to hide it from view temporarily, click on the Eye icon to the left of the word “Drop Shadow.” Click where the Eye icon used to be to bring it back. If you want to remove the drop shadow altogether, click directly on it under the layer and drag it onto the Trash icon at the bottom of the Layers panel.
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