If a image contains multiple clipping paths, all of them are loaded when you load the image in Fred4.

Note on drop shadow on multiple clipped images

To be rendered as "hole", the direction of inner clipping path has to be counter-clockwise.

Otherwise, the clipping path is rendered as "fill".

On the following screenshot, two inner paths on the left chair have clockwise winding, and therefore are rendered as "fill".

On the right chair, we inverted the direction of two inner paths (by selecting the polygon tool , and then on the Tools menu, pointing to Polygons, and selecting Invert All).

Only the first (primary; typically external) clipping path can be used for text wrapping in Fred4.