No. But you can export the smart preview, and in the Export dialog the post processing step can be to open in PS.
Thanks this is what I thought. So Photoshop/ Adobe Camera Raw does not utilise Smart Previews?
So Photoshop/ Adobe Camera Raw does not utilise Smart Previews?
Yes it does, Denis, just not directly from LR through the Edit With workflow. Remember that a Smart Preview is effectively a DNG, which ACR can handle. To test this, you could copy a SP from the catalogue's folder, change the file's name to a dng extension, and then try opening it in PS - you'll see ACR. Alternatively, sync images from Classic and then use PS's new LR Photos panel to open them - you'll see that it is downloading SPs which it then opens in ACR. Edit With could do the same, but it looks like Adobe have overlooked the possibility that people would want to use this.
Thanks for the additional info.