This just means we're going to get a web-based feature-stripped Photoshop, which relies completely on Adobe's cloud service to work, just like the "new" Lightroom CC. It's fine if you're doing light edits for web but doesn't really scale well to more demanding workflows. And then they will gradually retire the full desktop Photoshop like they are doing to Lightroom CC Classic.
It's not all bad, Photoshop should have been completely rewritten from the ground up ten years ago. Maybe in 5-10 years we'll have a fully usable Photoshop on both tablet and desktop.
Edit: This will probably make me pull the plug and switch to fully Adobe-free apps, Affinity Photo, Designer and Clip Studio Paint.