What is the primary purpose of the Effects and Presets panel?

The primary purpose of the Effects and Presets panel in Adobe After Effects is to apply effects and search for presets. This panel acts as a centralized hub where users can find and manage various effects that can be applied to layers within their compositions.

When working on animations or video projects, effects such as color correction, distortion, or stylization can significantly enhance the visual quality. The Effects and Presets panel not only allows users to browse through a wide range of built-in effects, but it also provides access to custom presets that can streamline workflows. Users can search for specific effects or browse categories to find the ideal option that suits their project's needs. Additionally, the ability to apply these effects quickly to layers enhances efficiency and creativity in the editing process.

Considering the other options, adding new layers, grouping compositions, and exporting finished projects are functionalities available in After Effects but do not pertain specifically to the Effects and Presets panel. Each of these tasks falls under different panels and tools within the software designed for layer management, composition organization, and project output, respectively.