It has never worked for me in the last 2 years.
It works for me, 2.90.
Also hovering over the image texture node in node editor (or over the image in Image editor) ALT-R reloads it.
Normally it works, i have the issue sometimes it stops working if you change between workspaces and leave one workspace in a mode where it blocks reloading i guess. Try change mode of your last workspace. I didnt investigate it further yes.
Maybe there is another issue with the fileformats, i did not ever used .psd-files.
Alt+R while hovering over the image node is my preference too. I use layered PSDs a lot in Blender. If nothing appears to happen then it simply means I’ve forgot to do a Ctrl+S in Photoshop to update the saved copy.
Any chance of deep PSD support in Blender someday. I remember a long time ago Maya started supporting reading individual layers from PSD files in its shading network.