New M4 Mac mini - but downgraded controls in Camera RAW?

Well, this is a weird one. I typically import my photos into Photoshop, which automatically opens Camera RAW. I'm used to using the Denoise control and adjusting the slider to get it just right, and then readjusting if the results aren't what I want. However ... I now get a completely different control, more reminscent of Lightroom, but once I'm selected my amount, and run the denoise, that's it - no changes allowed. HUH? 

Other weirdness (and, yes, I'm running the most recent PS version: 26.3.0) is that when I finish with Camera RAW and say Open as object ... it doesn't. I can't go back and redo my edits in Camera RAW. Further, the new remove reflections tool is also missing, and I use that several times a day. 

Why would this new, clean install of PS on my new M4 Mac mini give me a poor, older version of Camera RAW? (well, not even older, just ... broken) And, yes, these are the same cr3 files that I've been using all along. It seems to want to give me a new DNG file? This is all completely different from Camera RAW on my old computer, which had full functionality.

I need some help here, as I've got deadlines and this is killing me.