Premiere Elements 2018 supports h.265 HEVC ?

No, 

Adobe Premiere Elements 2021, for example, includes the ability to generate a video file identified as being a 4k Ultra HD formatted file. The CODEC they use is one provided by Sony, MP-4 XAVC-S. XAVC is a recording format that was introduced by Sony on October 30, 2012. XAVC is a format that will be licensed to companies that want to make XAVC products.

XAVC-S and XAVC are Sony recording formats for Sony cameras. XAVC is actually an H.264/MPEG-4 AVC codec in a MXF format while XAVC-S is actually the H.264/MPEG-4 AVC codec in a MP4 format (the most commonly seen and used video format). XAVC and XAVC-S are good recording formats and should not be ignored. They have their place.

Adobe Premiere Elements 2021 includes the use of the XAVC-S CODEC to produce their “4k Ultra HD” selected file format. This CODEC results in the production of a video file having a resolution of 3840x2160 (meeting the 4K criteria), formatted using H.264 standards (NOT H.265 HEVC Ultra HD standard), implements a frame rate of 29.97 fps, audio CODEC AAC (160 kbps, 48kHz Stereo), at a bit rate of 100 Mbps.

There are a few things that are constant about the XAVC codec. XAVC is always going to involve some form of H.264 codec video, along with uncompressed LPCM audio. So, if you’ve got MPEG2 video or AC3 audio or any other permutation, it’s not XAVC codec generated.

XAVC generally uses the MXF wrapper, with the audio and video in a single file. (Other vendors use separate MXF files for audio and video.) However, there’s one flavor of XAVC, called XAVC-S, that uses the MP4 wrapper format. This format is found in the popular Sony A7s camera. Whether it’s MXF or MP4, the data inside the file is still H.264 and LPCM audio…NOT H.265 generated.

One common area for misunderstanding is the overlap between the XAVC and AVCHD codecs. AVCHD is a popular HD format, which normally uses the “MTS” wrapper. AVCHD formatted video is usually H.264 codec generated and includes AC3 codec generated audio, though some cameras have extended it to use LPCM audio as well. Some of Sony’s XAVC cameras are also capable of recording the AVCHD format, but at that point, they’re just recording AVCHD. It’s not “XAVC inside AVCHD” or anything like that.

The camera products implementing the XAVC codec ranges from very affordable pocket-friendly cameras to very expensive shoulder-mount cameras. It’s a very capable format, which means there are many variations in use. Most of these variations appear as different “profiles” of the H.264 codec, which have different capabilities. These are NOT implementations of the H.265 codec format.

While Sony is making use of well-known standards like H.264 and MXF, there have been some compatibility issues with XAVC in a variety of applications. In large part, this is because they’re using components of the H.264 specification that haven’t been widely adopted in the past. In particular, they’re using the “high” profile, levels 5.1 and 5.2. Many of the H.264 decoding tools on the market don’t properly handle these. In addition, several H.264 decoders, including the one built into Mac OS X, don’t deal well with the mix of inter-frame compression and higher bit depths.

BY THE WAY...WHILE PREMIERE ELEMENTS CAN EXPORT FILES IN SEVERAL FORMATS (INCLUDING XAVC-S) THE ONLY ADOBE PREMIERE ELEMENTS DISC BURNING CAPABILITY AS OF THIS WRITING INCLUDES DVD FORMATS SD (720X480 OR 720X576). FOR WHATEVER REASON ADOBE REMOVED BLU-RAY DISC BURNING CAPABILITIES AFTER VERSION 15. THEY DO INCLUDE THE ABILITY TO CREATE FILES IN THE MP4-H.264 FORMAT RESOLUTIONS FOR 1920X1080, 1440X1080, AND 1280X720 FILES…JUST NOT THE ABILITY TO BURN THEM TO DISC!

[Please do not use capital letters. It's considered shouting and difficult to read. MOD]

Ok but how to convert without loosing metainformation : GPS, date, etc …

It must be ossible to read these files.

I will try premiere element 2019 evaluation to test

You can transcode H.265 to Premiere Elements editable file formats with a H.265 Decoder software. Some people recommend to use Handbrake with the following workflow:

1. Convert from H.265 to H.264 MP4
2. Import converted video to Adobe Premiere Elements editing
3. Render from Elements to H.264 MP4 with high bit rate
4. Transcode back to H.265 with Handbrake

Run the footage through HandBrake.

No.