Graphic artists, photographers, and musicians typically use Mac, not PC, and have no use for Windows. ARM will help Apple, but Microsoft will become what IBM is, associated only with corporate use. Microsoft is too late to the party, just like they were with phones.
That is actually more a myth than a fact. Macs have been hyped up as better for image and photo editing, but that is not true. Windows PCs are predominate in pretty much every market. Microsoft has already made Windows and M365 for ARM. As Qualcomm, Nvidia, Samsung, et. al. produce more CPUs, more OEMs like Samsung, Dell, Asus, et. al., will produce more laptops and desktops to use them. Microsoft will be right there with Windows. Furthermore, as more ARM devices get produced, the program and app developers will update their products to support ARM. Microsoft, under Nadella, has adapted pretty quickly. It's even jumped into Linux by providing support for it through WSL. It has jumped into Android with WSA. Like I said, Windows is not going anywhere, it will evolve like it always has.
It's Intel that needs to be careful. If it keeps blowing off ARM, it will get a hard kick in the groin. Intel needs Microsoft, Dell, Asus, Samsung, et. al., more than they need Intel.