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Photoshop 22.3.0 freezes on launch. I am using a new MacBook with the M1 chip and the Big Sur OS 11.2.3. The splash screen shows "Adding extension...MMX Core Routines" and then is hung up at that point.
Here is a help doc that addresses the issue of the M1 chip and Big Sur: https://helpx.adobe.com/photoshop/kb/photoshop-and-macos-big-sur.html
Let us know if this answers your question or if we can be of further help.
I'm in the same boat with my new M1 chipped mac book pro with Big Sur 11.2.3. This is not an isolated incident