These blender-based shaded relief images have been popping up a fair bit in the geomatics space recently. I really love them, but they are fairly complicated to make. I developed the open-source geospatial platform WhiteboxTools (developed in pure Rust) to help with tasks like this. You can create multi-scale hillshade images with it and the type of shadow model displayed above as well with one click:
https://www.whiteboxgeo.com/manual/wbt_book/available_tools/...
Better yet, you can create a dynamic shadow model based on a DEM using the ShadowAnimation tool:
https://www.whiteboxgeo.com/Guelph_Shadow_Animation/shadow_a...
multidirection hillshade: https://www.whiteboxgeo.com/manual/wbt_book/available_tools/...
TimeInDaylight tool: https://www.whiteboxgeo.com/manual/wbt_book/available_tools/...