Hey Jeff, thanks for bringing this question up. I think it’s something that people may not know about, but that provides some really cool functionality. 

When you’re in the drag-and-drop editor and you add an image from your asset library, you’ll see in the right-hand navigation that you have the option to apply effects:

When you click through to the effects view, you’ll see that you can do everything you asked about and a little more:

It’s pretty cool for things like adding alternative text or stickers to brand imagery :) 

Hope that helps!