fx Effects Tab at bottom of workspace
You can also start the route with Action Bar Menu (at top of workspace/Effects.....
Please let us know if you found the Stabilizer.
If you have not updated 12 to 12.1 Update already, please do so using an opened project's Help Menu/Update.
Thank you. I was looking under “Adjustments”.
Thanks for the follow up. Glad that you located that Stabilizer Effect.
When you start using it, it is not unusual to find longer Timeline rendering time for that clip to which it was applied as compared to that clip with maybe just brightness applied.
Any questions, please do not hesitate to ask.