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I see that others have been having this problem for a few days now. I think I narrowed down what's causing the problem. It seems to only happen if the file contains a placed image (either linked or embedded). It doesn't resolve if you rasterize the layer.
This is in version 22.1 on MacOS Catalina, processor 2.6 GHz Dual-Core Intel Core i5, memory 8 GB 1600 MHz DDR3.
I reinstalled version 21.2.4 in order to continue working!
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Error of Photoshop CC sucks
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Take a look here: Could not save error photoshop 2021 - Adobe Support Community - 11673559
There's decribed a workaround. Please check if it's a solution for you.
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Is Adobe just run by automation and robots....
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Why fix it when money comes in?
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Yes, that works! How bizarre. Thanks!