Close Photoshop Elements if it is already launched and keep Wacom connected.
Issue
Pen pressure does not work with the Wacom tablet and pen in Photoshop Elements on macOS. This issue usually occurs when more than one version of Photoshop Elements is installed on the macOS system.
Reason
On macOS, accessibility permission works for only one version of Photoshop Elements at any given time, and hence you need to give these permissions explicitly from the Security & Privacy settings to the Photoshop Elements version with which you want to use Wacom with pen pressure.
Solution
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Go to System Preferences > Security & Privacy and select Privacy tab.
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From left column, select Accessibility.
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Unlock the lock at the bottom-left corner to make changes.
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In the right column, select Adobe Photoshop Elements Editor and select - at bottom to remove it.
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Click +, select Applications > Adobe Photoshop Elements 2020 > Support Files > Adobe Photoshop Elements Editor, and click Open.
Note:You will always see the higher version name being added to accessibility settings even if you have selected the lower version. This is a macOS UI issue but works fine at the application’s end.
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Lock the settings.
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Launch Adobe Photoshop Elements Editor 2020 and now you should be able to use the pen pressure with Wacom correctly.