It's from their general terms. It does not clearly restrict itself to items stored on their servers.
See...
2.2 Our Access to Your Content.
4.1 Content. “Content” means any text, information, communication, or material, such as audio files, video files, electronic documents, or images, that you upload, import into, embed for use by, or create using the Services and Software.
4.2 Licenses to Your Content. Solely for the purposes of operating or improving the Services and Software, you grant us a non-exclusive, worldwide, royalty-free sublicensable, license, to use, reproduce, publicly display, distribute, modify, create derivative works based on, publicly perform, and translate the Content.
They're unlikely to actually want to go out of business or spark major revisions to law, so they'll presumably "clarify". (As they've attempted to do I guess.)
See...
2.2 Our Access to Your Content.
4.1 Content. “Content” means any text, information, communication, or material, such as audio files, video files, electronic documents, or images, that you upload, import into, embed for use by, or create using the Services and Software.
4.2 Licenses to Your Content. Solely for the purposes of operating or improving the Services and Software, you grant us a non-exclusive, worldwide, royalty-free sublicensable, license, to use, reproduce, publicly display, distribute, modify, create derivative works based on, publicly perform, and translate the Content.
...and so forth
https://www.adobe.com/legal/terms.html
They're unlikely to actually want to go out of business or spark major revisions to law, so they'll presumably "clarify". (As they've attempted to do I guess.)