Does Earth revolves around Milky Way? As we know Earth rotates around Sun and Sun around Milky Way but then Sun must have some velocity/angular momentum (I don't know that much physics terms).

So as Earth revolves around Sun, it must adjust its orbit as Sun also revolves.

Is it so? Or am I missing something?
Earth is bound gravitationally to the Sun. So it is orbiting together with the Sun around the center of the Milky Way.

This takes one galactic year.

Hence your presumption is correct.

Seen from a non-rotating system relative to the Milky Way barycenter, Earth's orbit isn't an ellipse, but ressembles a distorted helical trajectory. Distorted, since the orbit around the Sun isn't perpendicular to the orbit around the center of the Milky Way.