2. If I subscribe to Photoshop CC, will my work remain on my computer and local drives rather than on Adobe's cloud?
Your work will remain saved on your local storage. On the desktop using Photoshop, you can always choose between saving documents to the document cloud or choose to save locally. Photoshop remembers how you saved or opened your most recently accessed document and will continue to present you with the same experience until you choose otherwise. For details and FAQ, see https://helpx.adobe.com/photoshop/using/cloud-documents-faq.html#forced-sync