Photoshop is different from most other Mac apps and you can configure how much RAM it will use. If you assign insufficient memory, it will page out to disk more and performance will be lower.I haven’t allocated/set RAM amount/limit per app since classic Mac OS. Back then, if the app exceeded the RAM allotment, it would crash. According to Adobe, PS should throw an "out-of-RAM or out-of-memory error” alert.
From the same document:
FYI, 70% of 64GB is ~45GB. 85% is ~55GB.
In MacOS, applications can dynamically increase their RAM use, so I don’t know why Adobe does this, but they do. In a Mac with a lot of RAM, it could make sense to allocate more to Photoshop if you work on massive layered images.