For anyone else who is wondering, I was able to reach Adobe Customer Support, where an agent verified:
"Aprinder (11/3/22, 1:40:22 PM CDT):
Thank you. Correct, so previous versions than 2022 and 2022 as well, will support usage of Type 1 fonts. However, Operating systems are also currently moving towards ending support for Type 1 fonts.
Aprinder (11/3/22, 1:41:08 PM CDT):
So if this happens from the Operating System side, then previous versions of Creative Cloud apps will also be unable to support Type 1 fonts once support is ended for the operating system."
That December 31 is not a drop-dead date is good news for all of us who are still working to replace Type 1 fonts.