You're right about the APFS part, I forgot about that and confused it with APFS for Time Machine support that only came more recently...
I've read that the SSD part of Fusion Drives always has 4GB free as a designated landing place for active read/writes, and only later files are moved to the HDD part in the background, thus guaranteeing fast speeds. The OS itself should also remain on the SSD. So your experience that boot times temporarily went up after installing Photoshop is a weird one.
I have now reinstalled iWorks and Xcode, in addition to MS Office, and rebooted in between every additional installation, and at no moment were boot times affected. I can only conclude that a faulty Big Sur installation either puts crucial parts of the OS on the HDD drive and/or the 4GB free space on the SSD is no longer intact and every read/write operation occurs on the HDD part instead.
If you run "diskutil list" from the terminal prompt, you can see the configuration of your Fusion Drive. As you can see I have the 24GB SSD version. I do notice that the Macintosh HD volume (which contains the OS) is 15.3GB, so (while it's hard to conclude this from the output as it's unclear what is stored on which drive), there's at least theoretically room left on the SSD for the 4GB landing zone and some additional frequently used files.
But the fact remains, we will never know what is stored where, and when the OS decides to move files based on what criteria.
/dev/disk0 (internal, physical): (SSD part)
#: TYPE NAME SIZE IDENTIFIER
0: GUID_partition_scheme *24.0 GB disk0
1: EFI EFI 314.6 MB disk0s1
2: Apple_APFS Container disk2 23.7 GB disk0s2
/dev/disk1 (internal, physical): (HDD part)
#: TYPE NAME SIZE IDENTIFIER
0: GUID_partition_scheme *1.0 TB disk1
1: EFI EFI 209.7 MB disk1s1
2: Apple_APFS Container disk2 1000.0 GB disk1s2
/dev/disk2 (synthesized): (full Fusion Drive)
#: TYPE NAME SIZE IDENTIFIER
0: APFS Container Scheme - +1.0 TB disk2
Physical Stores disk0s2, disk1s2
1: APFS Volume Macintosh HD - Data 186.1 GB disk2s1
2: APFS Volume Preboot 285.0 MB disk2s2
3: APFS Volume Recovery 622.1 MB disk2s3
4: APFS Volume VM 1.1 MB disk2s4
5: APFS Volume Macintosh HD 15.3 GB disk2s5
6: APFS Snapshot com.apple.os.update-... 15.3 GB disk2s5s1