How do I determine if graphics card being utilized?

There is a check box at Edit > Preferences > General.  It is near the bottom where several check boxes are listed.

As Steve says, it does not seem to do much.  I have a Intel CPU and an nVidia card.  I don't feel much difference with it checked on or off.

I once tried another video editor from Sony because it advertised use of the graphics accelerator.  I was surprised it was not any faster than Premier Elements.   If rendering speed is a primary consideration, I don't know how you would pick a product.   Reviews that cover the half dozen under $100 video editor programs never seem to be researched very well.

Bill

FWIW, Premiere Elements makes very little to no use of graphics acceleration for playing and rendering video.