There is a conflict with Adobe
PS and the Apple keyboard shortcuts.
Go into your Sys Prefs->Keyboard & Mouse-> Keyboard Shortcuts and scroll down through the list till you get to the Keyboard Navigation area. Check through these for the the one that is using OPTION+COMMAND+~ and change it to something else. I think it's the "Move focus to the window drawer" shortcut.
This has been an issue Adobe PhotoShop vs Apple Keyboard Shortcuts for some time. I'm surprised it hasn't been corrected by now.
I've changed mine in the screen shot below.