For parts where you think “my computer from 10 years ago did that, too, and at the same speed” I think it’s more because software gets written to use the new hardware.
It seems there’s an equivalent of Marchetti’s constant (https://en.wikipedia.org/wiki/Marchetti's_constant: “Marchetti posits that although forms of urban planning and transport may change, and although some live in villages and others in cities, people gradually adjust their lives to their conditions (including location of their homes relative to their workplace) such that the average travel time stays approximately constant”) for the speed of personal computers. As computers get faster, programs get more resource-hungry.
Some of that has tangible benefits. Screens have higher resolution, icons are much larger, spell checkers get better, emojis are added, text anti-aliasing is improved, support for perceptual color spaces ais added, video codecs get better compression, but at the price of decompression speed, etc. (often, the law of diminishing returns is harsh, but there is progress)
Some of it is invisible; programs grow in resource usage in exchange for a shorter time to market. Growth comes from using more resource-hungry languages, from using large libraries, and from not spending (‘wasting’) time to find performance bottlenecks.
And now we have SIMD/AVX-512, as well as the M1 ... the compilers/runtimes need to be able to output the optimized instructions to make applications really fly.
Also, OP photoshop might be slow because it's dialing into the cloud?
Because software has to be written in a way that leverages the new hardware. The optimization is not automatic. If you haven't read this[1] then it may provide some insight.
[1] https://lwn.net/Articles/250967/ (see parts 5 and 6)