I just updated to the new version last night and when I tried to open it up this afternoon it has crashed on me multiple times as it gets to the part of analyzing the plugins, it then freezes and crashes. I even crashed when I restarted and tried running diagnostics. I then tried uninstalling it and re-installing from Creative Cloud and it has continued to freeze and crash when it tries to check the plugins even though I have not made any changes since updating last night. I also had an update to my Big Sur 11.4 operating system and so far this is the only issue I am having as Photoshop was also updtated at the same time as Illustrator and it opens with no issues.
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