Other options are available after clicking the ellipsis. They include:

Edit — edit the text inside the shape (also works when you press Enter on your keyboard or double-click the shape),
Convert card to Jira issue — creates a Jira issue out of your shape,
Copy — copy this element to the clipboard (you can use the shortcut CTRL/CMD + C),
Duplicate — create a duplicate on the board next to the original element (achieve the same effect by pressing CTRL/CMD + D),
Cut — remove the element from the board and copy it to the clipboard at the same time (CTRL/CMD + X will trigger the same behavior),
Add new comment — leave a note for your team,
Bring to front — move it to the front of other layers on the board (use CTRL/CMD + ] to do it from the keyboard),
Send to back — send it to the bottom of the layers on the board (use the shortcut CTRL/CMD + [ to do the same),
Remove — delete the element (you can also select the element and press DEL/backspace key on the keyboard),

Advanced:

Set sticky — when scrolling, the element will stay within the viewport, so it's always accessible from wherever you are on the board,
Disable shadow — remove the visual shadow underneath the element.

How to use shapes?