From what I can tell, you can only use the Adobe Creative Cloud for files you save.
It depends what you mean by save, when you have a project in PS Touch it is saved on the device (inside the application).
If you mean exporting projects to PNG, JPG then you can do this to the place where the device stores your photos which is normally
on the device and not the SD card.
You do at the moment not have the option to save the PS Touch nor the image exported project to the SD card.