I have not fully installed all of my plug-ins on the MacBook (this may be the speed difference) or loaded a complex project. It boots in 8 secs on my M1 MacBook, 10 secs on my iMac Pro. After Effects in Rosetta seems to work.You can't even install freaking Acrobat in Big Sur. Looks like Adobe will finally have to modernize their ancient code in all their Creative Apps to port them over.
There is a M1 native beta for Photoshop, but it is missing a ton of features. Maybe a year or more before we see the entire suite ported. I'm guessing it will be the June release before we see any apps out of beta. Looks like it will be a LONG time before Adobe apps are fully ported.