If I was Adobe: the thing I would fear most is the top competition on iPad OS becoming a threat on Mac over the next ten to twenty years. Much as if I were them, my biggest worry would be Adobe making rapid headway on iPadOS over the next two to five years.
Right now: Adobe is still in a fairly powerful position. Or as I like to think of it: the subscription reflects their needs of doing business, and the feelings of a clawed demon hand gripping your balls, reflects users’ dependence upon Adobe’s products. Despite much grumbling about Creative Cloud, everyone is still either looking for a non-paid option, or using Photoshop and friends in their workflows. Much as before.
But nothing ever lasts forever, and maintaining dominance isn’t always assured. Today is not tomorrow, nor is it yesterday.