I have been having this issue. I have determined that shape layers are casusing the crash. If I remove them the import works. Hopefully they fix this soon.
Sorry for your issue. As experts mentioned, we would need your system specification details (CPU, GPU, RAM, OS) so that we can troubleshoot the After Effects crash issue. Also, are you having this issue with all the PSD files or a particular one?
I moved to 2020 Adobe Softwares earlier, and I have experienced some issues. when I try to import a PSD file to after effects, it was crashed every PSD file not a large file and it has in RGB 8bit format.in additional I haven't this issue with all PSD files! but I can't know what is the reason. just I guess it's might be for photoshop groups.