I am unable to open or save files in latest version of Photoshop

No but normally when the run in Admin mode resolves, its because the account doesnt have correct permissions.

Glad the shortcut worked for you though.

Hmm my account seems to be set to Administrator already. Also, if I'm leaving the realm of Adobe expertise, let me know. You've been an enormous help!

Hi @djbromley that tells me that your user account on your Windows machine is not set as an Administartor -so you are having permissions issues read/write to resource folders. Make sure your account is an Admin.

https://support.microsoft.com/en-us/windows/create-a-local-user-or-administrator-account-in-windows-20de74e0-ac7f-3502-a866-32915af2a34d

That works!!

Try going to the Photoshop.exe - shift+right-click and choose Run as Administrator. Any difference?

Unfortunately, no improvement after resetting preferences

After you do the driver updates, try resetting your PS Preferences. Go to Preferences/General and click the reset button.

Ok, so I think I successfully updated the drivers through Nvidia's site. I'm now able to create a new file and save it, but can't use Open still. 

I would check the nvidia site for a direct download. Sounds like there may be some issues with your current drivers.

Hi Kevin, I have tried updating the drivers through Device Manager, but it tells me they are up to date when I go to Device Manager>Display Adapters>Update Drivers>Search Automatically for Drivers. Is there another way to update them?