Photoshop 2023 suddenly very buggy or freezing and just not working (Mac)

[Yukon4]

Hi folks!
I'm on a Mac. Everything is up to date as far as I know. Suddenly today - - Photoshop 2023 is very buggy and virtually unuseable. I'm trying to make some very basic items, and nothing is working as it always did. Tried to type some text. I'm able to select the text tool, but when I type the words in - - nothing displays - - I've "hidden" every other layer leaving only the text and - - nothing.  I've made no changes to my setup.
It's problematic to even simply open a file. When trying to OPEN a file it asks if I want to search on my computer or in the icloud. I choose "computer" because that's where my stuff is.  And then it sends me to the Cloud anyway and shows me there is nothing there!??  It's being REALLY WEIRD and annoying.  
Of course it also freezes. I've tried resetting preferences as was suggested somewhere, rebooting the whole computer but no difference.  Help!! 
What happened here?  What to do?  

[Yukon4]

As far as tools - - - I think it may be localized to just the TEXT tool. I can select the tool, type, but NOTHING displays. However, the words I typed do display in the area at right where the individual layers are shown. But NOTHING in the work area. Hope this makes sense.

[Yukon4]

UPDATE:

All is well. Not sure why!?? I tried resetting the preferences - again.  This time afterwards, Photoshop began to "feel" like its old self again, which to me, is just what I wanted.

[jlfreund]

I have the same problem.  Photoshop Elements 2021.3 Mac keeps freezing (showing spinner), and "Not responding" under Force Quit on Mac.  This happens on a fresh install, new 2023 mac with latest 14.2 OS, and no plugins, just eding one simple PNG file.  Every 3-4 mouse clicks (selecing a tool, opening a menu, etc) just starts the spinner for about 2 minutes, and then it recovers by itself.