Canvas
This section of the Appearance pane in Motion Preferences contains a setting that controls
the opacity of objects that extend beyond the Canvas edges.
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Chapter 5
Preferences
Full View Opacity:
If Show Full View Area is enabled in the View menu, this slider controls
the opacity of the part of a layer that extends beyond the edge of the Canvas into the
background. When set to 100%, the layer is transparent. When set to 0%, the layer is fully
opaque.