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No.

In all seriousness, no. Both Lion & CS4 would need to be re-written.

EDIT: Okay, the post originally asked if Lion could be made for M1 so OP could run CS4. They’ve since changed the context, ignore me.
 
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Sorry, you may have reached the end of the line. Might be time to look into something like the Affinity suite, or biting the bullet and going with the new version.
 
The reason is so I can run CS4 on My MacBook Air (in Parallels)
Previous replies did not mention the VM part of your question, so just confirming that Parallels cannot run Intel VMs on an M1 Mac. I have a Lion VM that I would like to use occasionally, doesn't work.
 
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