Photoshop files rendered in AE2020 (17.1.1) don't open in Photoshop2020 (21.2.20)

When I render a comp as a photoshop file, it wont open in Photoshop2020 (21.2.20). The error is: "Could not open "filename" because the file is not compatible with this version of Photoshop."

It does open in PS2019 without problems.

macOS 10.15.5 iMac 5k 4.2 GHZ i7, Radeon Pro 580