[Why are Affinity files flattening when saving, unable to open text layers for editing]

Walt, I would like to know if there is a workaround that actually works. I tried EPS and TIFF, but they both failed. Perhaps there is an issue with using Photoshop CS4. 

The issue for me is that in our office only I have Affinity, and I refuse to play the subscription game with Adobe. I only use this kind of software intensively on an infrequent basis, so a subscription is ridiculously expensive for what I get out of it. The second issue is that my coworkers need PSD files. If I can't provide an editable PSD file, then there is no point in using Affinity.

I found one workaround that uses PDF exports from Affinity, which you then convert to PSD in a free software online (Photopea.com). I opened the file in Photoshop CS4 and the text was editable, but every letter was a separate layer. I have not found a way to combine/merge the layers and still have editable text. So this method is out too.

Do you have any suggestions? I am using a state-of-the-art version of Affinity (Designer and Photo) because I like the tools it provides, but I am stuck with an ancient tool that may not help with the conversion process. I need to be able to produce files my teammates can use, and so far, Affinity is no help. I absolutely hate the thought of having to depend on Adobe and pay them loads of my hard-earned cash.