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In this tutorial by Mike Murphy, viewers learn how to save a frame as a Photoshop (PSD), PNG, or JPEG in Adobe After Effects CC 2022. To save a frame or a solo layer, users should select either the composition window or the layers panel and timeline, then navigate to the top menu, click on "Composition," and select "Save Frame As." For a quick save without using the render queue, choose "Photoshop Layers," name the file, and click save, which creates a PSD file. This file can be opened in Photoshop, preserving all layers. The tutorial also demonstrates how to use the solo button to hide unselected layers for exporting a specific foreground layer as a PNG.