Elements 2020 won't play GoPro11 footage

Adding to what Bill said

Do not count on Windows to be fully up to date when it comes to device drivers
Go to the vendor site to be sure you have an updated driver for your graphic adapter
.
nVidia Driver Downloads https://www.nvidia.com/Download/index.aspx?lang=en-us
-for all Adobe programs use the STUDIO driver, not the GAMING driver
-To achieve the highest level of reliability, Studio Drivers undergo extensive
-testing against multi-app creator workflows and multiple revisions of the top
-creative applications from Adobe to Autodesk and beyond
.
If you have a laptop you MAY also need to check for a laptop specific nVidia driver
-SOME laptops require an approved driver from the laptop company, not nVidia
.
AMD/ATI Driver https://www.amd.com/en/support
.
Intel https://downloadcenter.intel.com/product/211969/Intel-HD-Graphics-Family

There are GoPro settings that don't work in Premiere Elements.  Those are the settings where there are high frame rates or variable frame rates.   Howerver, both 4K50 and 2.7K should work.  

The screen shot looks like there is a graphics driver conflict.  Try getting a current graphics driver.  

Can you try editing footage from another source?