In the latest version of Adobe Photoshop on macOS, I've noticed that I cannot use Lighting Effects on small selections, like rasterized layers with text. This is obviously a little more than just a minor annoyance, as lighting effects on text is so commonly used for 3D like styles and effects. After selecting a few words with magic wand, or however you prefer to select, opening the Lighting Tools will cause the application to essentially crash, though zooming in and out make the slider bars resize, so it seems like it's partially responding? I have no idea. Anyways, the only way to fix this is to use hot keys to save your work, exit, and hope nothing got lost.
On layers with only one large object, or just selecting All, there is no problem.
Here are my deatils:
macOS Big Sur - 11.6
32GB RAM, i9, Plenty fast enough for this operation.