How so? The SaaS model lets you price segment more flexibly. You can do a free (or very cheap) loss leader version that has a more limited feature-set (that students & hobbyists don't need) and a non-commercial license. Charge more for larger shops that need collaborative/more professional features.

Just because Adobe is doing the transition poorly (albeit you wouldn't know from their share price), I don't necessarily buy that it's a fundamental flaw in the SaaS business model. Indeed Figma & Canva are both SaaS companies themselves. As MSFT has shown, it doesn't take much for a giant to come back. I don't think Adobe is particularly cash-strapped so they can weather out a bunch of mistakes/internal realignment.