If it’s a “new” Mac Studio, was it set up by using Apple Migration Assistant to bring over applications and data from an older Mac, and was the older Mac an Intel-based model? If so, it’s possible that the Photoshop version on the Mac Studio is the Intel-based version installed for the old Intel Mac but migrated to the new Mac Studio. If this turns out to be the case, a solution is to use the Creative Cloud desktop app to uninstall Photoshop and reinstall it fresh on the Mac Studio.
If the apps were migrated from an Intel Mac, chances are there are many Intel-only apps on your Mac Studio that are not taking full advantage of the power of the Mac Studio. Open the System Information app (in the Utilities folder), click Applications, and look at the Kind column.
Apple Silicon native apps will say Apple Silicon or Universal. Some might be labeled iOS because macOS can now run some iOS apps. Any of these are optimized for your Mac Studio and should work great. (I think it’s odd that Adobe Illustrator is listed as iOS in the screen shot, because it’s very different than the actual iOS version of Illustrator.)
Intel-only apps will say Intel. On your Mac Studio these will run in Rosetta, with less performance and compatibility.
If you see any that say (Unsupported), those migrated apps are not going to run on Apple Silicon and you should just delete them.
You can sort the list by Kind by clicking the Kind column header. This will group the apps by Kind so that, for example, you can see all Intel or Unsupported apps together. You can then either upgrade them to current Apple Silicon versions (if available), or delete them.
