Photoshop crashing (with error window) when opening any non .psd file from 27.8 onwards

Environment

X-64 based HP Z-Book PC running Windows 11, with 64GB of physical RAM and an Nvidia Quadro RTX300. The GPU clears graphic compatibility check inside Photoshop. I always keep at least 100GB free on the scratch disk. I have not installed any plug-ins.

Steps to reproduce

Opening any file apart from .PSD (ex. JPG or PNG) loads the file correctly on the screen, but immediately after the cursor changes to “spinning six dots” before the dreaded error dialog window. Disabling the GPU results in a similar behaviour, except the cursor changes into the “spinning blue donut” instead.

Resolution attempts

I have tried clearing the preferences, disabling the GPU and reinstalling the software, but the problem persists. Some older forum posts mention disabling “native canvas” but there is no such toggle in v27.x.

Workaround

The only workable solution I found so far was to roll back to release 27.7, which is the latest that allows me to get any work done. This is a pity because I am  a premium subscriber and would very much like to be able to experiment with the latest features.

Am I missing something? Many thanks