NEF import from Nikon Z50II

You still need to do this:

Download and install the latest Camera Raw version from https://helpx.adobe.com/camera-raw/kb/camera-raw-plug-in-installer.html

Quit all Adobe applications.

On macOS, double-click the .dmg file to mount it.

On Windows double-click the downloaded .zip file to unzip it.
(Windows might unzip the file for you.)

On macOS, double-click the .pkg file to start the installer. 

On Windows, double-click the resulting .exe file to start the installer.

Follow the on-screen instructions.

 Once installed successfully, close the installer window.

 Navigate to the following folder:

On macOS: /Library/Application Support/Adobe/Plug-ins/CC/File Formats

On Windows: C:\Program Files\Common Files\Adobe\Plug-Ins\CC\File Formats

Copy the Camera Raw plug-in (just the .8bi file) from the CC > File Formats folder that is mentioned in the above step.

Navigate to the following folder: 

On macOS: /Library/Application Support/Adobe/Plug-ins/Elements<Version Number>/File Formats

On Windows: C:\Program Files\Common Files\Adobe\Plug-Ins\Elements<Version Number>\File Formats

Replace the existing Camera Raw plugin in Elements<Version Number> folder with the plug-in that you copied earlier.