People using iOS have reported on the same issue (if you're referring to the sync issue, anyway); Adobe is trying to sort it out. In the meantime, have you tried turning on airplane mode before launching PS Touch as someone else suggested?
As stated, completely exit pst (don't just leave the app) and then activate airplane mode. Then open PST and change your cloud sync option to "off". Once you deactivate airplane mode, you should be able to open PST again without the crash. Iirc, I had to work at opening PST and accessing my settings very quickly or it would still crash before opening the settings page. Unfortunately, we have to completely forget about cloud sync until the bug is fixed. Save any image files back to the ios camera roll to share with other apps or upload elsewhere.
Please try out the update,