I don't do much with Photoshop now - but it works well for me on the Air. There is now also an adapted version for the Apple M1 chip. Illustrator (which I use more) also runs well - but the app is not yet adapted and runs in Intel emulation - but for me also good!

I work with Photoshop CC every day. The M1 Air handles it smoothly and very quickly. EVERYTHING that is not 5K video rendering runs as smooth as butter.