P: Edit in Photoshop warning message since update

Same issue here on Mac OS Sierra 10.12.4 and the new LR, PS and CR.  

same here. PIA!

Different Issue

Please reference the new conversation here: ACR: Merge To HDR Pro in 32 bit fails

That I can duplicate, Tarun. Please stand by while I check with engineering.  This is an issue separate to this thread so I am going to split it. 

new thread: https://feedback.photoshop.com/photoshop_family/topics/acr-merge-to-hdr-pro-in-32-bit-fails

Try this: 
Select three images that are HDR brackets.
Invoke Edit In>Merge to HDR Pro in Photoshop.

The merge goes ahead and the Merge to HDR Pro dialog box appears.
Choose Remove Ghosts and Mode 32 bit; set Complete toning in Adobe Camera Raw.

When you select Tone in ACR button, it goes to Photoshop and bombs out with 'The command "Camera Raw Filter" is not currently available. 

Tarun,

I am able to produce a file with no issues using Lightroom CC2015.10 and Photoshop CC2017.1.0 using ACR 10. 

Select three images that are HDR brackets.
Invoke Edit In>Merge to HDR Pro in Photoshop.

The merge performs normally.

The Camera Raw Filter is a separate issue. 

This is not just an annoyance - it is a show stopper. When trying to use "Merge to HDR Pro" from Lightroom, it aborts in Photoshop with "Camera Raw Filter is not available" after "Open anyway" was chosen in Lightroom. The same happens when "Camera Raw Filter" is chosen from the filter menu in Photoshop. Photoshop shows Camera Raw is 9.10.0.739 so that's the latest but there's obviously a bug where this is not being recognised as the latest. How do I revert to the previous version of Lightroom and Camera Raw because the use of the Camera Raw filter is part of my normal workflow many times a day.

Yep, same here, Mac 10.12.4 (16E195)
iMac mid 2011

Same problem after updated
MacOS Sierra 10.12.4 (iMac Late 2009)

No It doesn't. Says ACR is not available