I've been using LR and PS on a new 16" M1 Macbook Pro 10/16/16 to edit raw (NEF) files from a 45MP Nikon D850. Things are nice and snappy though I notice the M1 versions of Adobe software do seem to eat more Ram than I remember from my Intel Macs. I tried combining 6 NEF files in LR into a pano and it handled it well. I don't really push these programs that hard, though. My approach with photography is more journalistic (minimal editing) and mostly adjust brightness, color levels, and a bit of dodging and burning here and there. I use PS less and less as most of what I need is within LR.