Photo processing software

Are you asking about third party software or the software provided by Apple?

Photos for Mac or Preview can do basic image processing.

As Yer_Man wrote, if an application is compatible with Big Sur, it will run on a M1 Mac. But that will not necessarily mean, that is will be using the Apple Silicon processor, but may be running in the Rosetta environment. If you want a software that is really using Apple Silicon, look at the vendors website. For example, Luminar AI is running on M1 Macs, but does not use the Apple Silicon features directly.

Any app that runs on the current OS - Big Sur - runs on the M1 Macs.