Beach Ball on every PS launch // Photoshop 23.4.2 | Monterey 12.5 | MacBook Pro M1 Max

Every single time I try and open photoshop or a new file into photoshop using: (Photoshop CC 23.4.2 | Monterey 12.5 | MacBook Pro M1 Max) it gives me a beach ball for 10+ minutes. Occurred ever since the Photoshop update around Aug 3

Any suggestions are welcome.
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