First select edit media button. This can only be done to photos and not videos.
After selecting “Edit media” button, a tool bar will appear. This allows you to draw freely, enter text, draw arrows/circles/squares, erase, and record audio. You can also change the color of your drawing/etc.
Once complete, you can undo/redo and discard/save edits. Saving edits will save an ADDITIONAL copy of the edited photo. The original will be maintained, without edits.