Efficacité colorisation

I agree with you that the colorization results can often be disappointing in Elements 2024.  This is an area of Artificial Intelligence that is constantly improving and this Photoshop Elements feature is a few years old. 

Here is an example of a photo I colorized using Elements.   I probably had to use the Manual feature to get it to this state.

Your photo, even converting it to true Black and White mode and improving the contrast does not give a good result, using the Automatic mode.  However, it is probably possible to get a decent result with the Manual Mode.

I just tried your photo with the latest Photoshop CC Beta colorization filter and created the following:

There are also a number of free online services.  This version was made with MyHeritage:

So, all I can say is that the feature can provide some good results with a little work.  But there are other better alternatives available.