Photoshop 27.10 struggles with my Brand new High-End PC

I just bought a Brand new PC and Photoshop struggles to operate efficiently utlizing my new GPU. 

Here’s the specs: 

CPU: Intel Core Ultra 7 270k Plus
GPU: NVIDIA RTX5070Ti
RAM: 64GB
SSD: 1TB
OS: Windows 11 Pro
4k, 32” Monitor. 

Problem 1: 

The issue is mainly with the Object Selection tools and those tools/options that requires GPU. I’ve turned off all settings for Object Selection tool for auto detecting objects. But it still takes a 2-5 secs to fully operational. 

So even the automatic detection is disabled, when I select the tool, the little loading icon still spins like it’s detecting something. Before it finishes, if I try to draw a rectengle to select subject, it lags behind my mouse movement. When the detection icon stopped, then the tool behave as expected. I’m not sure what happens during the process.

No crush of course. However, when I draw a rectangle with Object selection tool, my processor usages goes up to 100% for 1 or 2 seconds. 

Problem 2:

When photoshop starts, if I hit ctrl+N to create a new document, it open NEW new document dialog box and after couple of seconds, it opens the LEGACY new document dialog box. It happens when I try to the shortcut right after it is launced. However, if I give time after the launch, it works as expected. Open the NEW new document dialog box. 

My previous machine with Intel Core i7 8700k with NVIDIA 1060 6GB perfomed better with the new machine. 

So I’m curious if it’s photoshop issue or GPU issue or driver issue. Any help would be appreciated.