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If you want to separate the shadow from the letters, you can either convert to outline.....or go to effects, and choose "separate effect". This will allow you to choose either the font or the shadow separately, yet the font will be maintained as a font....
You can do it this way but you also can select just the text from within the outline in the Object Manager and cut it. Then select the outline [which will also select the text] and then on the Cut Dialog deselect the red, or whatever color the text might be, and cut just the color of the drop shadow.
Or, even easier, select the outline, which also selects the text, and then in the Cut Dialog select the just the text color and cut it then select just the outline color and cut that.
In both cases you'll want to have 'Cut All Colors' specified in the Cut Dialog. Most people just leave this option always selected.
Either way leaves the outlined object intact. Separating the outline from the text is irreversible and perhaps you might want to manipulat either the text and/or the outline later.