This effect/filter takes the red, green and blue channels in the video and separates them by a given x and y amount to produce a rainbowish effect similar to the Tik Tok logo. Compare the RGBA Shift effect which essentially does the same but allows individual shifting of the RGB and Alpha channels and has the ability to determine the edge operation. Also compare the Chroma Shift effect.
The effect has keyframes.
Vertical split distance - How far should layers be moved vertically from each other
Horizontal split distance - How far should layers be moved horizontally from each other