Will Photoshop Elements 2022 on PC edit HEIC format?

You can edit .heic files in Elements 2021 and 2022 but you cannot save your edited file in that format.  In my experience, there has been an improvement in Elements 2022 with respect to rotating files in the Organizer.  In Elements 2021, .heic files from an iPhone often have an incorrect orientation.  In other words, portrait thumbnails are displayed in landscape orientation.  And if you try to rotate them, you are prompted to save the file in a different format.  Elements 2022 does a better job of recognizing the orientation of the thumbnail.  And it automatically rotates the thumbnails of files that were imported in the prior version.  If you update the thumbnail of the file while it is in the correct orientation, it will remain sticky and in the correct orientation.  If you don't update the thumbnail, it will revert to the incorrect orientation.  This can be an annoyance if you are scrolling though the grid.

And while .heic files may save some space on your hard drive, I haven't seen any authorative study that suggests the quality is any better than other formats.