Command ~ does work. That's why I mentioned the issue with Adobe changing the keys. In some instances it may work 'slowly', or so to say that the reaction times is sluggish, so it appears that it isn't working. You may have to hold the keys longer in that instance, so mileage may vary.
What it really is is a nuisance, that Adobe changed it here in PS, but left the Command ~ function keys in the other Adobe apps. Why change it at all?