...ok, I've found out where the problem is. Unlikewise HTML, the shadow alpha is also affected by panel background alpha. So a black shadow (alpha=1) on a transparent background panel, would result in a transparent (thus insvisible) shadow. So by setting
background-color: rgba(0,0,0,0.5);
font-weight: bold;
height: 1.86em;
box-shadow: 0px 3px 10px rgba(0,0,0,0.5);
It would result on a 0.25 alpha shadow (0.5 * 0.5 = 0.25). That's why the box-shadow
effect from my question above is not shown.
As said, that's a different behaviour than HTML where a transparent background div would not affect its box-shadow effect. Perhaps some gnome-shell developer passing by here might want to consider this implementation.