I’m planning on updating my iMac, to the new Mac studio Naturally, it’s a fair amount of money. I do not do video only once in a blue moon. I process in Lightroom and Photoshop. Mainly 30 mb files but possibly moving to 100mb files in next 12 months. Is the Ultra chip an overkill for this work?
Yes, unless you are into things like frequent exporting of 1000's of large files, or huge stitched panoramas, and want to get the absolute fastest speed possible.
I have a base (8-core CPU) MBP M1 Pro with 16GB RAM and it does great on "normal" PS and LR editing; the only thing I would change if I were to do it again is get 32GB RAM.
Those that really need the Ultra already know who they are. I think even the Max is overkill for most casual users of PS and LR. All the extra GPU cores are wasted on LR and PS, which barely use the GPU at all.