The original EULA doesn’t say those things (CS3 was before the era where everything had an arbitration agreement stapled to it), but does say that the software is only warrantied for 90 days and that that is the only warranty you get unless you have a support contract.
Even with arbitration, tons and tons of arbitrations cases can hurt even large businesses.
To be clear though, arbitration where the employer chooses and pays (pays off really) the firm in question seems the definition of a conflict of interest and a one-sided contract that should be thrown out.
https://labs.adobe.com/technologies/eula/photoshopcs3.html