It is the 2020 Macbook Air good for Adobe suite?
I'm not trying to be flippant, but you're wanting to use the model computer that is literally one step above the least powerful they make with some of the most resource hungry applications on the market.  Normally, this type of question would be closed because it's opinionated, but in this instance, I think a preponderance of people would resoundingly say &quot;no, that model Mac is not appropriate for that type of work.&quot;
So, instead of providing you an opinionated answer on what I think would be best, instead, I'm going to provide you with the salient points you need to consider when selecting a computer to fit your work - in this case video editing.

This workflow is hard on a computer; it's resource hungry.  The less resources you give it, the less efficient you'll be and the more frustrated you'll become.  Editing video requires lots of CPU, lots of GPU, tons of memory and storage (scratch space as well as archival).
CPU
More is better.  However, there's only so much CPU you can dump into a laptop form factor before you hit the wall in terms of diminishing returns.  What do I mean by that?  Faster CPU = more heat.  Heat is detrimental to a CPU so cooling is paramount and laptops are horrible at it. So, macOS with throttle your CPU to keep it cool but that ends up being CPU power you paid for that you can't use.  It's like buying a V8 but it throttles down to the power of a 4 cylinder to keep it cool.  So, more is good, too much (in a laptop) is a waste.
Memory
In video editing you can't have enough memory.  Get as much as you can.  32GB should be your minimum.  Nobody has ever uttered the words, &quot;Gee, I wish I had less memory.&quot;  You might find that 64GB or even 96GB or 128GB of RAM is what you need, depending on the videos you're creating.
GPU
All MacBook Air models comes with integrated graphics meaning it doesn't actually have a GPU.  This is needing a pickup truck to haul products but you go out and buy a Prius because the cost was good and gas mileage was even better.  Can you haul product in that Prius?  Sure, but you won't get nearly the same amount of work done if you would have bought the truck.
Storage
It's important but not as critical as you'd think.  You need enough storage for what you're working on currently.  Everything else can be put on offline storage (external drives).  You may only need 256GB or 512GB.  This is where a little planning can save you money because Apple storage isn't cheap.
Convenience Items
Everything else is ancillary.  Touchbar, Magic Keyboard/Mouse TouchID, etc. are all conveniences.  Get what you think will make your computing experience easier.  None of it will have an impact on your video editing workflow - positive or negative.
Bottom Line
What all this means you shouldn't be looking at anything that doesn't have the word &quot;Pro&quot; in it.  This means it's going to be expensive.  As for some financial advice, I would look at the secondary (used) market before dropping a credit card on a shiny new Mac.  If what you purchase isn't the right fit, you can sell it on that same market (eBay, Craigslist, etc.) and try something else.  You might find that the desktop models (iMac or Mac Pro) are a better fit.  You may even find that you need a &quot;good&quot; (but not the best) laptop and a desktop.
My advice here is to start small (financially) and find out what works for you before committing to a product that simply doesn't fit.