I am currently running the photoshop beta version on my MacBook Air M1. What is the best way to switch to the new regular version for Apple Silicone? Should I uninstall the beta version and then do a new install?
"Should I uninstall the beta version and then do a new install?"
Yep. With the March 2021 release, Photoshop runs natively on Apple Silicon devices. You shouldn't need the Beta version anymore. Do keep in mind that there are currently some differences and limitations while using Photoshop in native mode: » https://helpx.adobe.com/photoshop/kb/photoshop-for-apple-silicon.html