Adobe needs to extract its digit and produce software fixes for Monterey. Very poor performance from Adobe but the good news is that there are now a number of alternatives just as good.
They have issued an update for pse 2022--- you should also download and install monterey 12.1 for it to work.
2020 still does not work and i cannot find any fix for my software. Adobe also says they are still working on a fix but I strongly supect thet they will just let it go and hope people will buy new software or a subscription.
Personally my inclination is to move elswhere as there are many very good alternatives now which I am currently exploring.
2020 is no longer supported. Adobe actively supports (issues updates- which are functionality updates, not feature updates) the most current version, and the most recent previous version, that's it. What does that mean? Only PSE 2022 and PSE 2021 will get any updates- anything before PSE 2021 will not get any updates-
They won't update PSE 2020 to work with Monterey.
I don't work for Adobe, but that's pretty much the ways things are.