It may have been different a long time ago but I don't think Adobe is misleading if you want to subscribe. It's pretty clear it's an annual contract with a monthly payment.

Other people make the point of how it misleads.

Moreover, the pricing structure itself is misleading. Unlike, say, an apartment lease, there's no intrinsic reason for having it be an annual price billed monthly. It's not like Adobe has to buy extra servers that just sit there empty if somebody cancels. It's pure exploitation of cognitive biases.