In terms of pricing model Adobe is generous compared to Figma. Someone with their own creative cloud subscription can open my .psd's. But if I want to collaborate with someone in Figma, I need to pay for their access even if they have their own paid Figma account.

Yes. Which is why I’m surprised that people seem to think this break-up will prevent Figma from turning into yet another Adobe-like SaaS with heavy upsell.