Matt
PSD is a propitiatory Adobe format, and although it usually works in other programs there is never any guarantee that it will, as adjustment layers and smart filters can cause trouble. There is a setting in the PS preferences - Edit>Preferences> File Handling called 'Maximise PSD and PSD File Compatability' which should be set to 'Always', but it's best to avoid PSDs in general, as occasional problems will always occur. Saving as a maximum JPG is the best solution and will be faster to process, but if you are worried about compression saving as a TIF should work.
HTH
Brian
This is the most likely cause. Over the years, I've updated the PSD reading capability of QU to support more incarnations of the PSD format. But because the PSD format is proprietary to Photoshop only (even Lightroom can't read them unless you engage "maximize compatibility" mode), it isn't possible to read all formats, layers, image modes, etc. stored in PSD files. Each update gets better overall but none can be 100% and may have issues in different areas due to the proprietary nature of the PSD format. If I went back to the old PSD reader I was using in 2018, it would likely fix your problem but create 3 others. That's the nature of the PSD format and why I recommend never using it outside of Photoshop. Use an international standard like TIFF instead.
Regards,
Mike