Elements 2022 slow and lag issues on a MacBook Pro 2019 i9 processor

Hi

I am having issues using photoshop on my Macbook pro 2019 with i9 processor.

Ever since it was installed, it has been quite slow to operate. Particularly using the magic wand, there is  quite a lag after you click the mouse . Same for eraser tool, clone stamp etc.

I don't think it is an issue with my RAM , and I have already reset the Adobe settings after seeing other posts on the forum . I don't have any performance issues with other programs including 3D modelling and rendering software.

Any ideas very welcome..