problem with panoramic pics

Same problem here. I see the alignment is pretty solid but the blending onwards was not performed. Just went displayed normally but unblended. I have 32GB and am not maxed out. Is there a response from the Adobe experts? This is repeatable on my system and has me uninstalling the latest PS.

How is it failing Bridge menu Tools>Photoshop>Photomerge seems to work from Bridge 2020 on my workstation.  Photoshop 2020 starts Photomerge dialog opened with the files select in bridge 2020 in the File list. I  checked vignette removals and Geometric distortion correction  did not check Content aware fill when I clicked OK Photoshop opened the files ace switched the panorama.

If I select more that one RAW file in the bridge and open in ACT I can use the file strip to merge toe HDR to merge to panorama

If I change my ACR preferences to open Jpeg I can merge in ACR from the bridge.

One of the potential problems is available RAM and image dimensions. It may have problem to process images. My suggestion is to try with Camera Raw. Since you are working from Bridge just open images in ACR and try there.