Apologies -
No it doesn't.
I make metadata changes in PM, edit in photoshop, export images from photoshop as I normally do and no metadata appears in exported the images.
I think there may have been a misunderstanding around what Kirk was initially asking. We understand that Photo Mechanic is not showing metadata for the new file that Photoshop is creating; what we want to know is if you can open the file in Photoshop and see the metadata that Photo Mechanic added. If PhotoShop can see the metadata, then the metadata not existing in the newly generated file is likely an issue with what Photoshop is doing to create that file.
Open a RAW file in PhotoShop, then go to the File menu and choose 'File Info'. Click on the 'Basic' view and, for me, the field called 'Description' shows what I entered into the Caption field for that image in Photo Mechanic.
Do you see your caption there?
If you don't, please let us know. If you do, click OK, and then please describe what option you are you choosing next in PhotoShop to generate this new JPEG. If you are going to File > Export > Export As... and choosing JPEG from that window, it gives you two options for metadata: "None" and "Copyright and Contact Info". I wouldn't expect either option to include caption or location information, so if this is the tool that you have always used, maybe Adobe has changed something about how it works. If you are not using the "Export As..." function but you do see the metadata in PhotoShop's File Info window, please let us know what specific items you are clicking on in PhotoShop's menus.