Take a look at Musical cut adjustment in the manual or on-screen help. This basically will adjust your photos or clips to change with the beat of the music, once the beat has been determined.
As for applying effects, you have to do this yourself. I suppose that you could add an effect to the beginning of every scene change keeping in mind that scene changes would now be synchronized to the beat. Also, you could apply a transition to all scene changes automatically if you want the same transition each time. See fades or transitions. Right clicking on a transition (or fade) will give the menu and near the bottom there is 3 possibilities - apply to all objects on the track, apply to all of the following objects on the track, random transitions in the track.
Early versions of Magix (2005, MEP14) did have a feature to do what you want - it was called up from the keyframer for video effects and called a Rhythmic Envelope. It could apply many effects - Erosion, Distortion, etc., in time with the beat of the soundtrack and to a strength contolled by the amplitude of the beat.
I imagine it was withdrawn from new releases of the software because it was little used.