Given that they can train their models on your Photoshop, Illustrator, After Effects and Premiere projects according to their ToC,

No, that is not correct.

https://www.adobe.com/ai/overview/firefly/gen-ai-commitments...

Adobe Firefly is trained on a dataset of licensed content, such as Adobe Stock, and public domain content where copyright has expired. Adobe Stock content is covered under a separate license agreement, and Adobe compensates contributors for the use of that content.

We do not train and have never trained Adobe Firefly on user content.

We recently updated our General Terms of Use to explicitly spell out this commitment (Sections 2.2F and 4.3C2).

From the TOU:

https://www.adobe.com/legal/terms.html

(F) Generative AI. We will not use your Local or Cloud Content to train generative AI models except for Content you choose to submit to the Adobe Stock marketplace, and this use is governed by the separate Adobe Stock Contributor Agreement.

Generative AI. We will not use your Content to train generative AI models except for Content you chose to submit to the Adobe Stock marketplace, and this use is governed by the separate Adobe Stock Contributor Agreement.

(I work for Adobe)