No. The reason why they switched to a subscription model is because people simply will not "purchase" software anymore at the up-front prices that they used to pay for them (and the people who wouldn't pay for them simply resorted to piracy). It can be debated that iOS/Mac App Store pricing models was the most significant contributor to this proverbial "race to the bottom", in terms of software pricing, but it certainly didn't help.
I have been a user of Adobe apps, every single day of the week for the past 20 years (After Effects, Premiere and Photoshop), and nothing can be further from the truth. Since the Creative Cloud subscription model, the frequency of new features and improvements to these apps is nothing short of spectacular. Where we used to have to wait (and complain) a couple of years just for an important bugfix or a useful, but not sexy-for-marketing feature, these things now come out at a relatively breakneck speed.
You can love or hate subscription models, but you certainly can't say that Adobe is doing it just as a cynical money grab. They're doing it because it's the only real way to sustain the development of a complex software suite these days, because even otherwise reasonable people have a hard time paying $3.99 for an iOS app, let alone over $1000 for a productivity app that can actually help you recoup your costs of the software. This is the current reality of the software development game, in 2016.
I would also have to guess that the subscription model has all but eliminated the majority of instances of piracy among working professionals, which was shockingly rampant in the pre-subscription days.
As a daily user of AE, I agree with this. It's super annoying. But AE has over 20 years of legacy code baggage that Adobe basically needs to destroy and rebuild from scratch in this regard. They can't just "fix" this as a dot-update, because the rendering and playback engine is so integral to the entire app. From the sounds of it, they are literally building a whole new architecture from the ground up. Doing that without breaking a ton of other things isn't the easiest thing in the world to do, and releasing it in a less-than-bulletproof state would be a PR disaster.
Adobe has a lot of faults, but I just dont agree with the idea that they are all just throwing piles of cash on their beds and rolling around naked on it.
Subscription is to software as dividends are to stocks. When a product matures to the point that it can't be sold on new features it switches to a subscription model and tries to monetize it's existing value.
There is nothing about Creative Cloud that should accelerate bug fixes. We've been able to download patches for decades.
The reason for the switch isn't because people couldn't justify the up-front price. It's professional software. It's a business expense. It's tax deductible in most jurisdictions. If you're a professional creative, you need Adobe tools and the upfront price pays for itself in productivity and quality of output.
The reason for the switch is because people couldn't justify the upgrade prices. There weren't enough new features they could pack in to make the incremental value of the new version worth the incremental cost. The first step down this path was to only allow upgrade pricing from the previous version (nothing older)-- so you risked having to shell out full price again if you didn't keep upgrading religiously. Eventually the rate of improvement of the software was slow enough that people realized they could skip enough updates to make it economical to do so again. At that point, Adobe realized they needed to basically force an annual update fee by turning off your access to the product if you weren't paid up.
Because the Adobe tools are essentially required for professionals, Adobe can get away with this model until a competitor shows up with a competitive product on a perpetual license. Somehow, remarkably, that hasn't happened yet. Photoshop et. al. are that far ahead of their competitors.
That's not a cynical view, that's just the business reality. Office went through the same thing. Eventually people weren't willing to pay for new toolbar configurations, and MS ran out of ideas for what to do next. I think MS is suffering a bit more though because most of their users don't really need Word-- they just used it because they had it. Faced with annual payments, a lot of people are using second tier tools (Open Office, iWork, Google Docs, etc).
What is cynical though, I'd argue, is saying that subscription is the only way a company can be motivated to fix their buggy software. I find nothing more irritating that to be told "pay us once to buy it, then pay us again to fix it". When that becomes a revenue model, it completely kills the incentive to release quality software to begin with. I won't go so far as to say that companies release intentionally bad software, but I will say they're less motivated to get it right than they would be if there was a financial penalty (rather than reward) for getting it wrong.