I'd highly recommend you do some reading in the support foru regarding Adobe software and the latest MacBooks. Especially the GPU. There are dozens of threads with people whose systems are crashing and not responding and neither Apple nor Adobe seem to be taking credit for fixing the problem. The whole situation is crazy.
The AMD Radeon Pro 5600M with 8GB HBM2 RAM is, for Mac laptops, an unusually powerful and recommended upgrade for high-end video editing, where the tests I have seen are impressive.
But most still-photography image editing applications, including Photoshop, will probably not use much of its speed and power, so for photography only, that card could be overkill and it is not a cheap upgrade. For still photography up to modest video editing, one of the lower-cost graphics upgrades is a better value that will still last a while.
Note that how true that is depends on how much future versions of Photoshop and Lightroom take advantage of GPU acceleration. Both have been steadily adding GPU acceleration to more areas of each application in recent years, but I’m still not sure if that will add up to taking full advantage of the 5600M/8GB HBM2 before you move on to the next Mac after this one.