GPU acceleration greyed out but is listed as a supported model

Windows 11, updated to latest from windows update 6/5/24

NVidia GTX3050 Ti GPU, updated to latest drivers 552.22 Studio Driver

I'm using Premiere Elements 24.0 full version, on a windows 11 laptop with an i9 processor and GTX3050Ti graphics card. In the general preferences I can see that GTX3050 Ti is listed for GPU acceleration however it then says "not supported".

I'm certain that it should be able to use this... But i'm out of ideas how to get this set up correctly. I'm up to date with drivers and software, I've tried uninstalling Premiere Elements and reinstalling it, I've tried adding my graphics card to the allowlisted_cards.txt but perhaps I'm not typing the correct text? I've also tried setting Premiere and GPUsniffer to use graphics cards in the Windows Graphics Settings, and setting Premiere to use GTX3050Ti in the NVidia settings too.

There must be something (probably simple) that I'm missing... But i'm sure it used to work before I updated my laptop after not using Premiere Elements for a couple of months.

Any ideas?