I need help to create a standalone cutout photo in the shape of the cutout itself.

I would use Photoshop PSD files for Premiere Pro.  You can havee multiple layers with a diifferent subject in each layer, and with background removed so transparent background.  You import the PSD to your PrePro project, and choose to keep the layers which will import to their own bin.  Drag layers from the bin to timeline as needed.

To add to emails, remove background and have a white background layer. Flatten the layers and save as JPG.

To use in web sites, or composite into Photoshop documents, remove background so you see transparency around the main object, and save as a PNG.

You mentioned that you cxould not move a PNG, but did not give the context.  If it was a Microsoft Word document, for instance, you have to 'Format Picture' and assign a text wrapping option.  You can then move the image on the page.  

Does that help?  If not, you will need to give specific information about context. i.e. exactly what applications you intend using the images in?

@Nabrxx13 wrote I need help to create a standalone cutout photo in the shape of the cutout itself.

All images are rectangles. If you are trying to create an image in another shape, it won't be possible. PNGs support transparency, which is the best option for you.

Jane

@Nabrxx13 is this a Photoshop question as you mentioned Premiere Pro in your post