Amazingly, not in 2024.

They put shadows on otherwise flat layers - for gratuitous effect, but also to get back some separation after they've flattenned everything.

The shadow is around flat piece of paper of zero height, levitating off the background, casting shadow 360 degrees all around. No physical lighting set up could produce this effect.

Isn't that the effect you get when you have a large diffuse light source directly above?

If you have a diffuse light source, let's say 8dp, directly above the component and the component is also 8dp above the background, then it'll look right for one component.

To account for the lack of parallex effect in the shadow when there are multiple components, you will then need a telephoto lens zoomed through the light source from a huge distance. I think we'll need a ring light.

Not with a "flat piece of paper of zero height"

Exactly. "Environmental cue" my ass :)