How can current versions of Adobe products continue to run on the new Macs with Apple Silicon?
Apple is using Rosetta 2. Scroll down the page for this bit:

“With Big Sur and M1, Mac users can run a greater range of apps than ever before. All of Apple’s Mac software is now Universal and runs natively for M1 systems. Existing Mac apps that have not been updated to Universal will run seamlessly with Apple’s Rosetta 2 technology.”