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Hi [USER=137709]@Emma79[/USER]

I could duplicate your issue and understand what is going on.  I also have a workaround thought maybe another forum member has an easier solution.

To help with this I suggest you turn on the visibility of Layer Edges with the command View > Show > Layer Ediges

and then make sure View >  Extras is enabled (will show a checkmark when enable

If you then click on a Text Layer you will see a bounding box around the X and Y limits of the Text that is Typed.

If you cursor is inside the Layer Edges of any of the other Text Layers, the dashed line or squiggly line will not show because it has the cursor associated with another Text Layer

To avoid this, you can turn off the visibility of any nearby Text Layer and the Pen tool cursor should work as normal.

There may be an easier shortcut yet thought this would give you one approach to take.

Hope this helps

John Wheeler