Photoshop Elements Color chart

From your description it sounds like you have a broken monitor profile delivered with the Windows update.

As a troubleshooting measure go to Windows > Settings >System > Display >Advanced Display settings >Display Adapter properties (for display 1) > Color Management > Colour management. That opens the colour management dialogue for Windows 10. In the  Devices tab set the default profile for Display 1 to sRGB IEC61966-2.1. You may have to use add to add it to the list first

If that "fixes" the issue, then you really need to use a monitor profile that describes your monitor, made with a calibration tool such as the i1Display or similar.

Dave

Try this:

Restore default preferences
Preference settings control how Photoshop Elements Editor displays images, cursors, and transparencies, saves files, uses plug‑ins and scratch disks, and so on. If the application exhibits unexpected behavior, the preferences file could be damaged. You can restore all preferences to their defaults.

Note: Deleting the preferences file is an action that cannot be undone.

Do one of the following:

Press and hold Alt+Control+Shift (Mac: Option+Command+Shift) immediately after Photoshop Elements begins launching. Click Yes to delete the Adobe Photoshop Elements settings file.
Go to Edit > Preferences (Mac: Photoshop Elements > Preferences > General), click the Reset Preferences on next launch button, and then click OK. When you restart Adobe Photoshop Elements, all preferences are reset to default settings.
A new preferences file is created the next time you start Photoshop Elements Editor. For information on a specific preference option, search for the preference name in Help.

from here:

https://helpx.adobe.com/photoshop-elements/kb/preference-file-locations-photoshop-elements.html

Moved from the Photoshop forum to the Photoshop Elements forum.