Previous versions of Premiere Elements had a version of "Adobe Camera Raw" included. Slideshows could be created without the intermediate step of creating JPEGs. It included some functionality with Adobe's Lightroom Classic! If you turned on the sidecar file option, Premiere Elements would see the corrections made in Lightroom's Develop module and use them when adding the media.

Based on discussions here and other forums, RAW editing in Premiere Elements was almost never used. I can see why it would be considered for deletion in the 2024 version. I've never found another video editing program that could import RAW photos, including Premiere Pro.