Which very old version of Elements did you use before?
"Elements spawn simply shows three buttons choosing Organizer, Photo Editor or Video Editor (not installed)."
That means you are looking at the welcome screen, not any of the choices it offers: the photo or video editor or the organizer. The welcome screen also offers a text search to find doc help.
Once you have chosen the photo editor, you can check in the menu Help >> about plugin the version of the ACR converter. Any supported raw format (they are specific to each single camera) will open automatically the right user interface and tools. You can use the ACR tools also for non raw files by using the menu 'File > Open in camera raw.
The organizer also recognizes raw files and displays the correct thumbnails. Any import of raw file creates xmp sidecar files. Using the organizer in full screen (F11) displays the rendered version with the saved raw edits.
You may be confused if you are using a very recent raw file of a specific camera which is not yet supported in Elements.
https://community.adobe.com/t5/photoshop-elements-discussions/faq-will-photoshop-elements-work-with-my-camera-or-why-won-t-my-raw-files-open/td-p/4303022