If you're short on time or Poké Balls, you can pop an Incense, then quickly tap each Ponyta to check for shiny ones, running from any that aren't shiny.
Shiny rates on Community Days are about 1 in 24, which means that if you keep playing throughout the three-hour window, you should find quite a few shiny Pokémon.
If you evolve Ponyta or Galarian Ponyta during this event, it will learn the charged move Wild Charge, making it more useful for battles.
For PvE content, Kantonian Rapidash is outclassed by many fire-types, while Galarian Rapidash serves as a decent fairy-type attacker but is also outclassed by several other Pokémon.
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