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I have been trying to import videos to PS on my M1 Macbook Pro. Nothing works. I tried looking through previous forum posts, looking through Adobe's knowledge base and following the instructions didn't work, and when I look at the menus in the latest version, everything that Adobe refers to in their help pages isn't even in the menus. Has video import been disabled? I spent the whole day trying and finally gave up and just cancelled my subscription that I purchased this morning. I got the app for a single purpose and now the purpose is gone. If anyone can help to figure out this problem, then maybe I'll re-subscribe. Thanks.
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Found my own solution. After reading an article about forcing apps to run in Rosetta 2, I tried it and now Photoshop will import the video. So video import does not yet work in the Universal version of Photoshop.
If you are having trouble:
1. right click the PS icon in the apps folder
2. click GET INFO
3. check OPEN WITH ROSETTA
That should make it work. It takes longer to load PS, but at least it works. If you need to do video import, or need some features that are not yet compatible with the Apple silicon version, then this is the way to go. You can go back to the M1 version by unchecking OPEN WITH ROSETTA.