An ideal use for EIFS.
I am not a fan of EIFS except in this one case, soffits.
My experience with EIFS is that it doesn’t hold up over time very well. It is easy to damage. And it is hard to repair without re-coating all contiguous surfaces. But it is cheap. However …
When out of harms way, and used as a soffit material, EIFS is close to ideal. It is not as fussy or expensive as a good cement plaster installation. It is better than drywall, but not a lot more expensive.
Exterior Soffits are subject to extremes of temperatures, blowing moisture, and other rough treatment that gives you pause to just use painted drywall. Exterior Insulated Finishing Systems [EIFS] offer several benefits through their ability to withstand most of those issues with only a modest increase in cost. Certainly less cost than the traditional material - cement plaster.
The canopy fascia might be formed of EIFS also. The use of EIFS is very straightforward if you have limited penetrations. The drip edge detail is recommended to avoid discoloration from water running back onto the soffit instead of dripping off the edge. Insulation value is not usually an issue since the thermal (and security) barrier should be at the wall line of the building.