No, do NOT trash the file. Navigate to your prefs file and drag it onto your desktop. Then launch Photoshop and it will create a new prefs file. If that solves your problem, THEN trash the old prefs file. If not. restore those prefs and seek other solutions. It is silly to throw out all your settings before you diagnose the problem.
I agree with your suggestion of dragging to the desktop instead of the trash. However, one thing to keep in mind is that Andrew did not suggest trashing the pref file. in other words,
emptying the trash! Anytime I want to check a prefs file for any reason I will put the old one in the trash so that there is no possibility of the app picking it up again. Once I know the app is working as expected I will then empty the trash. And yes, I have seen the scenario I just mentioned play out, as impossible as it may seem. I would suggest that if you don't want to delegate a possibly corrupt prefs file to the trash while testing a "new" one, create a new folder on the desktop and put the file in it. Then the app will not find it.
Gary