You need to power integrated graphics somehow and the only alternative to the missing GPU is the computers CPU. Integrated graphics will do a reasonable job for web graphics, but start working with anything of multi-megabyte size and you'll quickly regret your choice. Photoshop uses GPU acceleration far more than you might think as it permits multiple threads of code to execute in parallel and that trend is bound to continue into the future. For example all the new blur functions use GPU acceleration as does Select and Mask. Given that graphics cards are not very expensive these days I would suggest going with a dedicated hardware solution.
I think that should be fine, to begin with at least. I think most of the GPU-related features in Photoshop will still work. If you need to cut initial cost this is a good place to do it, since it's so easily upgradeable later if needed.
Spend the money on more RAM, which is good for Photoshop, and a faster CPU, which is good for Lightroom. You should also make sure you have a decent capacity SSD for system drive - 500GB and up. A lot of the applications' working files (caches and so on) sit under your user account on the system drive, so everything will benefit from that.
EDIT: cross-post, and my, cross-opinions there as well
thanks. I will take this approach, with the understanding that I will most
likely be buying a dedicated card at some point.