I finally managed to obfuscate my Android application, now I want to test it by installing the APK file and running it on the emulator.
06-11-2020
Drag and Drop didn't work for me on Windows 10 Pro.
Put the APK on Google Drive
Access that Google drive using Chrome browser on the Android Emulator
Then install it from there.
Note: You need to enable unknown sources within the Emulator.