Photoshop elements 2020 fails to launch MacBook Air

I recently bought a Macbook Air M2 2022. It is running Monterrey 12.5. I installed my time machine back up, and all seemed good. Until I tried to launch Photoshop elements (which I purchased and ran fine on the previous macbook pro). Every time I try, I get 'Adobe P Elements 2020 quit unexpectedly). I've tried running from the application finder and the same happens. I ran some trouble shooting suggested on another thread. Help!