You've kinda said it yourself twice:
"...a tremendous amount of effort..."
That doesn't just apply on the stage/screen, of course. Take a class. Take a LOT of classes. Work hard in those classes. Rehearse the material you get. Rehearse HARD. Do prep work. Figure it out.
Ask yourself: "What is it I like about Cranston's performances?" Get specific. Find moments. Ask what he's doing and why. Then "reverse engineer" his process, and try to think about how he got to the decisions he made. Try to make the same decisions.
By the way, you can't make those decisions if you don't work hard. Focus on the work and it pays off. Get a little better every time. Surround yourself with coaches and critics who will hurt your feelings.
Oh, and this is maybe the most important: don't take those hurt feelings personally. If somebody says you're bland on stage or you're over-acting, or you don't "get" your character - don't get mad at them. Get better and what you do. Get humble. I've known a few actors (amateurs, bad actors) who get huffy and offended when they get constructive criticism. You ready for a shocking revelation? They never get any better and stay amateur and stay bad.