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I'm using v 23.3.1 on an M1 Mac Mini and a 2020 iMac 27" as well
On the Mini I cannot use video formats because of some parsing errors, but on the iMac it works perfectly.
Both machines use Monterey 12.3.1 (21E258)
What can be the issue on the Mini?
Many thanks for your thoughts.
You may need to run Photoshop under Rosetta for the MAC M1