What carries across
Each .ora layer becomes a PSD layer with the same name, in the same order, at the same opacity and position, hidden if it was hidden. The sixteen standard blend modes map to their Photoshop equivalents; anything else falls back to Normal. Layer groups are flattened into one stack.
The result is an 8-bit RGB PSD with RLE-compressed channels, the same shape Photoshop writes itself. Affinity, Krita, GIMP and Photopea open it too.
Questions
Will my text layers be editable in Photoshop?
No. OpenRaster has no text layers — whatever app made the file already painted the text into pixels. The PSD keeps those pixels on their own layer.
Why is the PSD bigger than the .ora?
PNG compresses harder than PSD's run-length encoding. Expect two to four times the size for photographic layers; flat artwork stays close.
Can I convert PSD to .ora here?
Not yet. Open the PSD in Krita or GIMP and save as .ora — then drop it here to check it.