macOS GPU issue: could not open because of a program error.

I've just updated my Mac Pro to macOS Sonoma 14.3.1, coming from Ventura 13.4, and upon loading Photoshop I'm presented with an error: Could not open “[Filename.psd]” because of a program error.

If I switch off the GPU in Settings I can load the file. 

I'm using a 2019 Mac Pro with several GPU's, but the one Photoshop reports it's using is the W5700X.