It's less an "update" and more a "new application installation".
In other words, it does not update your existing version, but installs a whole new Photoshop setup in a different set of folders.
Look for the Photoshop CC (2014) entry in your Creative Cloud application and install it by pressing the [ Update ] button. Once you've done that, make sure you run the new version from the newly set up location. That may mean changing a desktop or dock icon or shortcut path.
thanks, you would think adobe would indicate that info somewhere
thanks, you would think adobe would indicate this info somewhere