Hello,
There is an update available for Elements 2022, which fixes the hang on launch issue.
To Update Elements, Request you to please Launch and Close Elements Organizer and leave your system idle, depending on your interent connection speed - the update will be applied automatically and should fix the launch issue for PSE.
In case if the automatic update fails, Please install the update for E2022 manually from Elements Organizer.
Please refer to release notes for more details around E2022.1 Update: https://helpx.adobe.com/photoshop-elements/release-note/update.html
Regards,
Vipin