I'm surprised at the choice of competition named in the article. I'd say the strongest contender to Adobe's core business is Affinity with their desktop software suite.
EDIT: I think the main reason they don't mention Affinity is because Affinity capitalized on Adobe's price increase; the price increase is mentioned as a positive for Adobe's stock price in the article, though a lot of customers dislike it. It is an interesting case of Figma and Canva having better functionality for certain segments, and Affinity having better price to capabilities ratio for other segments. When Adobe was more of the only game in town, it was fine, but now others are carving into the space and competing on variations, providing better alternatives to different needs or prices.
My bet for features would be 1. Plugins API/scripting 2. Better panel management
The one Adobe app that has no rival is After Effects. DaVinci Resolve has motion design tools, but nothing to match the sheer features of After Effects (not to mention the vast ecosystem of plugins and the huge number of tutorials).