Can FIG's seamless collaboration feature be considered as a moat?

I think FIG's fairly undervalued right now considering all those "AI killing SaaS" scenarios. AI is definitely an efficient tool but it won't put collaborative workflows at risk, it would rather enhance the quality of the collaboration by enabling each designers to manage time effectively such as outsourcing tedious tasks to AIs (ex. Figma Make) and as a result cutting down the time it takes to reach a finished product. Considering the fact that 30%+ of high value customers (ARR $100,000+) are actively using Figma Make, I think the feature is quite well-made t and actually solves real problems for enterprises. If Adobe manages to actually replicate Figma’s level of collaboration in the next 1-2 years, then FIG is in trouble, since Adobe has ample amount of cash to develop AI features and to bundle these features at a low cost to drive retention of their own CC ecosystem. But until then, I think the market is pricing in way too much fear. So, is the moat actually shrinking, or is the market just overreacting to AI?