I am on an iMac running Catalina which is compatible with the new 2022 release. I am experiencing the same problem I had before I updated both my computer and PS which is that certain tools are lagging badly especially the transform tool and PS in general is slow. Is there a fix to this - my work is suffering!
Well, thanks for that - it didn't solve my problem but thank you all the same!
This problem started in the last week - before updating my computer and PS. I don't see how my preferences could be the issue as they haven't been touched and I have limited, as in 1, plugins so that isn't the issue. The only thing that happened in the launch week of 2022 version was being pestered to update the 2021 version a few times, which I did as I wasn't ready at that time to update my OS so that I could be compatible with the new 2022 version.
I updated my computer first then I updated PS to the latest version. Upon opening PS the same issue of lagging was present. So updating PS didn't solve the problem either.
I did however do as you suggested and reset my preferences but that changed nothing. I then changed my preferences to reflect suggestions by Adobe in reference to memory allocation (set to 85%) and removed check marks beside items I don't use (namely anything 3D). I should add that the memory allocation percentage is the same as it was before I reset and my GPU is enabled as it was before. My cache, history etc is also the same as it was before - cache 5 and the second biggest choice (can't remember at the moment) and history set to 20 saves.
Nothing improved. Painting with the brush actually got worse but no change in transform.
Very frustrating to paint or transform when it takes a full 6 seconds for any change to appear or in the case of transforming, painfully tiny and slow increments of change while I am entertained by a spinning colourful ball. Not conducive to work at all.