We're sorry for the crash issue. Could you please turn off the GPU to see if it's causing due to the Graphics processor? Go to Photoshop > Preferences > Performance tab > Uncheck GPU > Restart Photoshop.
Also, restart the machine and try using Photoshop.
I realize there are typical Tech Support Steps at a "first level" support step. After more than a decade in "Desktop Support", supporting Windows and Mac OS machines, both platforms running Adobe products (since Ps v3.1, I am no longer in a direct support role), I know there are the very general "have you tried this" suggestions. Typically "have you rebooted" is the first step. I find it interesting that you suggest GPU issues may be an issue. As... GPU issues have been a "thing" with Ps for a long time, and since day one with this machine (literally since the machine was new / pulled from the box and the Adobe apps installed). The GPU (built in to the main board) here is a Radeon Pro 580X 8 GB.
So... is there something wrong with this particular machine? Perhaps? Is it below any of the minimums Adobe suggests? No, hardly.
This particular has ONLY ever had:
The current Mac OS and its included software / apps (currently "Catalina" v10.15.7, not "Big Sur" as I'm not confident this OS won't introduce more problems).
Adobe Ps, Br, and Camera RAW.
Nik (DXO) "Nik Collection" software.
Topaz Labs DeNoise and Sharpen.
Skylum Aurora HDR
Carbon Copy Cloner
X-Rite ColorMunki (monitor calibration)
X-Rite Color Checker (camera color chart software)
LastPass (password management software)
That is ALL that has ever been installed on this system. This is a "production" machine. There are two other Macs at this desk, one is used to surf the web and plays MP3's (iTunes), the other runs video and sound editing software.
So... The Ps / Br / Camera RAW are always at the latest versions. The other few softwares (short of the OS at the moment) are also kept at current versions.
So... as I say, unless there is physically something wrong with this machine, OR if Adobe says it does not meet minimus, then there is something wrong with Adobe Photoshop. And yes... I have tested with GPU disabled, and or set to less intensive settings. I've tired with external drives (including SSD "Scratch" drive(s)) unmounted and disconnected. I've tired with the external 27" monitor disconnected.
The machine is rebooted often, too often if you ask me (daily, and when crashes occur, several times a day).