We have released an update that fixes the hang-on launch issue with Photoshop Elements 2022 on macOS Monterey (version 12).
Fresh installation of Photoshop Elements 2022 downloaded from the Appstore and Adobe's website will not experience hang issues at launch on macOS Monterey (version 12).
For existing installations of Photoshop Elements 2022, please update Photoshop Elements 2022 to the latest version. Build numbers in which this fix is available:
20211122.Git.e2022-mas.e8ba7d6 for build downloaded and installed from Mac App Store.
20211214.Git.dot.221c6b7 for build downloaded and installed from any channel other than Mac App store.
Note: The fix provided by Adobe applies only to the latest version of Photoshop Elements. There is a known issue in macOS 12 that is causing the hang in earlier versions of Photoshop Elements and is being actively investigated by Apple at this time, we'll share more updates on the Photoshop Elements community. Thank you for your patience.
Please continue reporting all the issues you are seeing between Photoshop Elements 2022 & macOS 12.0 Monterey on the Photoshop Elements community.