It's easy for me to imagine a world where this stays the same.

I don't imagine that many of their customers are fans of taking unnecessary risks to save what isn't much money for most of them.

$260 / 12 = $21.67/month. Any person using Photoshop professionally will have no problems justifying that expense. Even if paying for the full suite, the cost will just be claimed as an expense and used as a deduction. One paying job will cover the fee while ensuring they are able to deliver a compatible file. The PSD file is a dumpster fire of a format with who knows how many footguns hidden within making compatibility a nightmare.

As a professional, there's no way I'd risk not using the real code. As a hobbyist, I can/have use something like Photopea.