Old school CS3 have to get new computer

Keep in mind that you're not entirely limited to only the features that Adobe includes in Elements. Several commercial add-ons are available for Elements which unlock extra features.

One of the most mentioned here is Elements+ https://elementsplus.net/

Another point to note is that new versions of Elements are usually released around this time of year. The next version of Elements may be imminent so it may pay to run the Elements 2021 trial for 30 days and see if another version comes out soon.

See version history: https://en.wikipedia.org/wiki/Adobe_Photoshop_Elements

Whether you need a photoshop cc subscription or the perpetual license photoshop elements depends on what features you need.

If you use curves, channels, layer styles, paths, lighting effects and want all the options camera raw offers, then you want the photoshop cc subscription via the creative cloud photography plan for about $10 a month. On the other hand you can download a trial version of photoshop elements 2021 and see if that will work for you, keeping in mind photoshop elements is a consumer version of photoshop that doesn't have all the photoshop features even compared to photoshop cs3.

My suggestion to you is to download the free 30-day  trial of  Photoshop Elements. See if it is suitable for your purpose. It is a one time purchase - - not a subscription. If you like it, you may purchase the license subsequently.

This may help as you play with the software:

Adobe Photoshop Elements Learn & Support

If you get stuck, come back here to the forum for help.