The newest version of Photoshop requires DirectX 12. Some older GPUs do not support this, and have shown significant lag.
To fix this:
Open Photoshop via Creative Cloud
From the Toolbar, select 'Edit' > 'Preferences' > 'Technology Previews..'
From within Technology Previews, check 'Deactivate Native Canvas' and select 'OK.'
Exit and restart Photoshop and you should see significant improvement on machines with older GPUs.
This fix seems to only apply to user profiles on each machine; at least for now, you will need to do this each time you log in to a new machine with this error.