Yes, you have both Endpoint Encryption for PCs (EEPC) and Endpoint Encryption for Files Folders (EEFF) in that suite - you would use EEFF to protect removable media.
All the documentation for all the different products in your suite is on the McAfee download portal (along with the products).
I went through the EEFF documentation and correct me if i am wrong, only the contents will be encrypted or the drive can be encrpted too?
Content only - otherwise you'd only be able to use that removable media on the machine which encrypted it. Full disk encryption is very clumsy for removable media (which is by design, meant to be used on more than one PC).