In case it helps others. My Photoshop (v23 and earlier) issue in Windows 10 was that with “Use Graphics Processor” selected, when an image was opened the menus and cursor would start flashing and the cursor would lock for periods. However, if I unselected “Use Graphics Processor”, then the new “Object Finder” overlays would not show at all. The solution was to go the Windows Settings > Display and turn off “Use HDR”. After that I was able to select “Use Graphics Processor” with no flashing menus and the overlays were back - similarly, it allowed full graphics acceleration in Lightroom too without any issues.
Operating system: Windows 10 - Home Premium Edition Version: 10.0.19043 Built-in memory: 24534.3 MB DirectX: NVIDIA GeForce GTX 1070 (22.214.171.12413) 8MB GDDR5 LG HDR 4K Monitor x2 Desktop resolution 3840 x 2160