While Adobe Photoshop Creative Cloud is supported natively on M1 Macs, you may notice some features of the products are not currently available on Macs with the M1 (Apple Silicon) chip. You may be able to resolve that issue by installing Rosetta 2 on your Mac. Please see these articles below from Adobe in regards to this issue and from Apple on installing Rosetta 2.
‘Create Video Timeline’ option has disappeared from Photoshop CC https://community.adobe.com/t5/photoshop-ecosystem-discussions/create-video-timeline-option-has-disappeared-from-photoshop-cc/td-p/11908035
If you need to install Rosetta on your Mac
https://support.apple.com/en-us/HT211861
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