Bevel Image with alpha channel -- but only the image - not the alpha area

Hello Everybody,
Please see attached Adobe Illustrator file (CC 2019)

I have an image that includes an alpha channel. I want to bevel only the area that is NOT the alpha channel.

Specifically it is an arm that I want to give a slight bevel around the edges.  I tried 3d effect but that incorporates a grey "box' as a part of the effect.

I might also want to include a drop shadow -- but only around the edges of the arm -- not the square alpha channel.

So I need to isolate the arm from its alpha channel.

Hopefully it's probably a pretty simple solution -and the attached Illustrator file should make things clear....

Here's a link to the illustrator file LINK TO ILLUSTRATOR FILE -- in Dropbox

Image with alpha
Rowby GorenAsked:
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