Layer Styles are located in the the white box between the general layer, and style properties in the Inspector.
You can create a new style by selecting a shape and clicking Create New Layer Style from the pop-up menu in this location. You can create as many styles as you want and you can switch between existing styles using this panel as well.
Both Text and Layer Styles use a manual sync, which allows you to have more control over your document. There is also the ability to reset changes made to an unsynced style too by holding the Option key and clicking the revert button .