As you're getting a placeholder text please go to Photoshop's Preferences > Type and deselect "Fill new type layers with Placeholder text" and let us know if it helps.
I had the same problem. Glad I found this, it help me and it stopped it.
Thank you Sahil
Bless you Sahil. No more issue with this. Harry
Thank you! That was annoying. Janis
Same here , Thank you !
Such a simple solution. Thank you for your help.
Why do updates cause "silly stuff" to happen, some normal functions to cease and otherwise cause annoyances?