One subscription or two?

What @Conrad_C said.

Any combination works for activation:

1. Win / Win or
2. Win / Mac (M1) or
3. Win / Mac (Intel) or
4. Mac (M1) / Mac (M1) or
5. Mac (M1) / Mac (Intel) or
6. Mac (Intel) / Mac (Intel)

Yes, no problem.

The specific answer is in this Adobe article:

On how many computers can I install my Adobe app?

where it says:

INSTALL ON MORE THAN 2
You can install your app(s) on two or more computers.

ACTIVATE ON UP TO 2
You can activate and remain signed in to the app(s) on up to two computers.

USE ON 1
You can use your app on only one computer at a time.

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You can mix platforms, so you could use your two activations on two Macs (any combination of Apple Silicon and Intel), or two Windows PCs, or one Mac and one Windows PC…

You can easily sign out of or into Creative Cloud on any computers, so for example if you installed Creative Cloud on five computers and you activated it on computers 2 and 3, but now you want to be able to use the software on computers 3 and 5, you simply sign out on computer 2 and sign in on computer 5, no need to uninstall anything.