Photoshop 27.11.1 lags when moving layers and editing text after macOS 27.2.1 update (Apple M4)

System

• Mac: Apple M4, 16GB RAM
• macOS: 27.2.1 (Golden Gate)
• Photoshop: 27.11.1

Issue
After updating to macOS 27.2.1, Photoshop became very laggy when moving image layers and editing text layers. The same files worked fine before the macOS update.

Details

• New blank documents work normally.
• Files with high-resolution photos (about 5568 × 3712px, document size around 580MB) lag heavily.
• I’ve worked on even larger files (long product detail pages) before the update without this problem.

What I’ve tried (none of these helped)

• Restarting the Mac
• Updating Photoshop from 27.11.0 to 27.11.1
• Turning off “Use Graphics Processor”
• Turning off Application Frame
• Lowering memory usage from 69% to about 60%
• Reducing the size of the photos in the file

Memory pressure is green in Activity Monitor, so it doesn’t seem to be a RAM issue.

Update: Rolled back to Photoshop 27.9.1, but the lag is the same. It seems to be caused by the macOS 27.2.1 update, not the Photoshop version.