I tend to agree the CMA is pushing some esoteric arguments in their rulings, but I don't thinks deal is at all like Facebook / Giphy.
"A healthy M&A culture" isn't undone by a single deal being pulled, especially when that deal is clearly an anti-competitive one.
Also if anything, Adobe overpaid for Figma given it was one of the last deals before Tech stocks properly melted, so even Adobe shareholders can be happy with this outcome