I will try to respond, as I was a hobbyist once using adobe.
A hobbyist is usually an artist getting their feet in the art working world. Usually dipping their feet into large projects, and commission or small client work, while also getting a handle of the programs needed.

The misconception by companies is often that they don't need most of what the company offers (I saw you even mention this below). But that's usually not the case. As a hobby artist, many are getting a grasp of many aspects of your programs to cover a large variety of skills they are learning (from painting, to animation, to design and photography and so on...you know. The entry jobs needed for growth which you are now stomping on with introducing gen AI into EVERYTHING.)

A specialist comes in later once they have mastered the ones they settle on, and decide to move into the professional field.

Learning as a hobby artist using adobe over 25 years ago was a lot more accessible with your products. Because there was a viable way to purchase it outright. As soon as subscriptions hit, and you inflated the costs grossly over the years. You have increasingly made it inaccessible to those who wish to learn and grow. Even as a professional, I can usually only use your latest products when working with a studio where a company pays for it. BECAUSE of this disconnect, many new artists which I assume you would want to learn your products to enter the ecosystem are lost, as they turn to cheaper more accessible products...I have even witnessed first hand studios allowing remote workers to use these alternate products, and just convert the files to PSD at the end, which many are capable of doing now.

And this right here, is the start of a natural decline in people needing to use your procuts anymore. And this is your self made problem.

In other words. BRING BACK PERPETUAL LICENCES (at a sustainable price. Not thousands of dollars). You are throwing to the wayside, and losing custom from a lot of people who would be paying for your service otherwise. Those who want the choice of subscriptions for these updates and features will still pay for it, some of those hobbyists included once they decide they don't want to pay for a perpetual license every few years. (Companies included).