PNG doesnt support any number of alphachannels like other formats. PNG says that the fourth channel in a file is only for transparency. If you open a png with transparency in photoshop it will be viewed as a single-layer image. its not a flat background. Alphachannels can encompase everything, while transparency has a specific channel relation. YOu can have multiple alphachannels but only use one channel for transparency. Photoshop treats transparancy and alpha channels seperately. The transparency in a existing PNG can be edited in photoshop by creataing a layermask from the transparency-data.
Open the Palette Info
click on Palette Options top right and choose Paneloptions
for second colour value pick the mode "opacity"
click ok
the infopanel will show the level of opacity at the postion of the mouse
if you want to edit the layer transparency directly, you can create a layer mask thats based on the layer transparency.
Choose the layer
choose layer>layermask>from transparency
A miniature of the layermask will be displayed,which is connected with the layer.
Masks are saved in alphachannels. In the channel window you should see a Layer-0-Mask. Hide the color channels and make the Layer-0-Mask visible by clicking on the eye to see the mask.
Masks and chanels are greyscale images, thats why they can be edited with the normal tools. Black areas are protected, white areas can be edited.
Hope it makes sense. I translated it from german.