You can do what you suggest, but with a couple of caveats. In order for use the Adobe cloud, you would first have to ensure that you have uploaded a copy of the original files to the cloud (if you sync them to the cloud from Lightroom Classic, only 2560 pixel Smart Previews would be uploaded, which wouldn't be suitable for processing in Photoshop). Once in the cloud you could use either the Lightroom Desktop app or the Lightroom Web app to create an album containing the images that you wish to send to the editor, and you would have to make sure that when you send the invitation to the editor you set the access rights to "Can Edit".
On receipt of the invitation, the editor accepts it and from that point the shared album will appear in her Lightroom Desktop app and/or Lightroom Web app, and she can start to edit them from that point. Note that she would have no easy acess to the album and its images in Lightroom Classic. Assuming she uses the Lightroom desktop app (it has better editing tools than the Web app), she can also use Edit in Photoshop from there and the returned image would be added directly to the shared album (meaning you can see the edits she makes on the original AND the derivative that she creates in PS, all more or less in real time). However, the default file-type for editing in PS from Lightroom is Tiff, not PSD.
Bottom line: yes you can eliminate all that transferring of data back and forth, but there may be some compromises that you would need to accept. It's a very slick and simple process once setup.
One thing I should mention....if your LrC catalog is synced to the cloud, the originals that you add to the Lightroom desktop app will also download into LrC, the album that you create in Lightroom would appear as a collection in LrC, and YOU would have visibility in LrC of the work done by the editor. It's just the editor who would be unable to use LrC in this workflow.
Or just embed all the edits, camera profile etc into a DNG and send that one (or more) documents. That's the beauty of the DNG container. Further edits can be done in ACR or LR, the DNG will hold the edits. The iffy part may be masks (I haven't checked that, but the DNG should hold them by now).
Edit: Made a mask in LR, applied an edit, and used Command S (save metadata).
Opened in ACR: mask and edit exist. So that's all good.
Author “Color Management for Photographers" & "Photoshop CC Color Management/pluralsight"