Neil: I got the answer from Stephane Madrau, the developer of SwitchResX, a display resolution utility for the Mac. (I've bought it and recommend it.) Stephane says:
"All is normal.
You have a 4K monitor, all your resolutions are using a 4K signal that is sent to the monitor.
Long answer:
The EDID mentions this as its preferred (native) resolution :
Descriptor #0 - Timing definition:
Mode = 3840 × 2160 @ 59.997Hz
Then, when you use System Preferences to set up 2560x1440 (HiDPI), macOS will generate a 5120x2880 internal image. That's the definition of the hiDPI: it scales the whole UI to 200%, so each pixel that you see will use 4 sub-pixels. So a 2560x1440 HiDPI is internally a 5120x2880 picture (and a 1280x800 HidPI would be 2560x1600, etc).
That's what System Information reports: your UI is 2560x1440, but the internal framebuffer (the memory keeping the picture before being sent to the monitor) is 5120x2880. That's why other tools will report 5120x2880, and also why a screenshot of the whole screen will produce a 5120x2880 picture.
At the end, this 5120x2880 picture will be sent to the monitor on a video signal. The video signal being 4K, the Mac will scale the 5120x2880 to 3840x2160. This effectively removes 44% of the pixels, and this is done by dithering the picture in memory. At the end it's invisible because your 2560x1440 resolution is not using 4 sub-pixels for each pixel, but 56% of these 4 pixels, with picture scaling in real time.
Photoshop on its side will think the picture is a 5K picture and will bypass this picture scaling, showing everything like it would be 5K. It *is* effectively 5K, but only in memory. The monitor on its side is showing a scaled down picture."
(Me again) To resolve my problem in Photoshop, I can switch to a simulated 1920 x 1024 resolution—or to the native 3840 x 2160 resolution, if I'm willing to work with tiny interface items. A 1920 x 1024 resolution is internally scaled to 3840 x 2160, the native resolution of the monitor, and images that I create in Photoshop are proportioned correctly.
Thanks for your help!