What are the key features of the React Select library for search functionality?

React Select functions as both a picker and a filter, allowing users to select from dropdown options while also filtering these options as they type. For example, typing "Strawberry" automatically filters and displays only that option from the available choices. This makes it versatile for various applications such as searching for movies or filtering users on a website. Another valuable feature is the ability for users to create new options if they don't already exist in the dropdown list. These capabilities make React Select a powerful yet lightweight tool for enhancing search functionality in React applications.