iphone movies washed out premiere elements 2027 mac os 27.0.1

I recently upgraded to Mac OS 27.0.1 (Golden Gate) and my Premiere Elements 2024 developed ‘lagging’ issues while dragging clips around in the timeline.  I upgraded to Premiere Elements 2027 and now my iphone 16 movies look ‘washed out’.  This is a known issue; but none of the fixes that I have tried will solve the problem.  I have tried: Color Space Override changed the drop-down menu to Rec. 2020 or Rec. 709. Attached is a screenshot which shows a clip in quicktime player (right) and the same clip in Premiere Elements 2027 (Left)