I don’t think it would be a direct competitor. Photopea is an ad-financed application that runs in the browser. I doubt that it’s trying to cater to professionals but rather to average users who wouldn’t buy Photoshop anyways. The goal of Abode is to provide a Photoshop alternative that can be purchased without a subscription, which is indeed intended to be used by professionals who don’t want to or can’t bear the monthly subscription costs anymore. See this part of the article:

“I noticed how expensive the subscription was and so many designers wrote to me and told me they could no longer afford to use Adobe for their work. I thought I might be able to help so I launched the crowdfunder to make us all a software suite that was truly ours.”

In the end he could possibly make more bank by contributing to Abode’s products.