Note: You will not see the 'Open in Rosetta' option if you are right-clicking on an ' alias'. Once you launch under Rosetta, you may need to go to Window / Extensions (legacy) to open your CEP panels again.
To use extensions that rely on CEP, install and run them in Rosetta mode only. Run Intel-based plugins with Photoshop on Rosetta to install and use those plugins until your plugin provider delivers Apple silicon-compatible versions. Intel-based plugins will not appear in Photoshop.