The ability to draw shapes such as circles and rectangles appears to have been removed from Photostory 2020. Is this correct. It is easy to do in the 2014 version.
As far as I can recall, there never has been any ability to draw shapes in PhotoStory, Movie Edit Pro or Video Pro X. There is a plug in called Photo Designer that can do this that comes with these programs, or you can get Magix Xara Photo & Graphics Designer or Xara Designer Pro X. See my tutorials on the latter.