It depends. If it's a base model with only a 256 GB system drive, you're going to get into trouble. That's not nearly enough to run Photoshop efficiently, and you'll need to rely on external drives, which are slow and clunky and sub-optimal in many ways.
Photoshop moves massive amounts of data when working, much more than any RAM you may have installed. So temporary working data are written to disk, known in Photoshop as the scratch disk. Scratch files can easily grow to hundreds of GB.
MacBook Airs come with integrated graphics, which may not support all Photoshop functions. That too is a very sub-optimal solution.
In short, I wouldn't recommend it - even if you get it to install and run.
In addition, there are version compatibilites to consider here. What version of MacOS?