Hello Shreyansh,
No this is not possible. Unless you're using a reference to another object.
What is your usecase? If you want to use a drop-down for filtering, and the column you're trying to filter on is free-text (String), what drop-down values would you expect? There would be an unlimited amount of values.
No this is not possible, as String attributes can have millions and billions possibilities, dropdown filter is not possible for Strings.
If you know that your attribute has limited set of data, either create an ENUM or Create a reference to other data source so that the dropdown filter can be applied.