Ah, welcome to “paths with spaces need to be quoted”.
cmd.exe in particular has special handling with embedded quotes, so this syntax may not work with other executables, but for cmd.exe in particular you need to quote the entire command line (out quotes) as well as quoting any internal paths with spaces (inner quotes), and cmd.exe sorts it all out.
However you also need to disable 32-bit redirection in the action, so the path to ‘Program Files’ works and does not get redirected to ‘Program Files (x86)’. All told, I think this is what you need something more like this (but I don’t actually know the command line to run the update, I’ve been taking this from your bits above). If this just “opens” Creative Cloud, since it’s running with a hidden interface that the user doesn’t see, it will never complete and the action gets stuck in ‘Running’ until you kill the creative cloud process.
action uses wow64 redirection false
wait cmd.exe /c "cd "C:\Program Files\Adobe" & "C:\Program Files\Adobe\Adobe Creative Cloud\ACC\Creative Cloud.exe" /s"