Update to Apple MacOS 12.4 or higher. This should fix the crash/hang on launch.
In case you are seeing a crash on the launch of Photoshop Elements 2021 & 2022 after updating macOS to 12.3, here is a workaround to fix this issue.
If the above solution does not work or you are unable to update your MacOS to 12.4 or higher try the solution given below.
Choose ‘Go to Folder…’ option and navigate to the following locations:
[PSE 2022]: /Applications/Adobe Photoshop Elements 2022/Support Files/Adobe Photoshop Elements Editor.app/Contents/MacOS
[PSE 2021]: /Applications/Adobe Photoshop Elements 2021/Support Files/Adobe Photoshop Elements Editor.app/Contents/MacOS
If you are still facing any issues or have further questions, you can post questions and get answers from experts on the Photoshop Elements community forum.