Premiere Pro is giving me a Unsupported Video Driver message

You are trapped between a rock and a hard place there because Acer, like most other big-name laptop companies, uses customized versions of the GPU makers' drivers that make it difficult if not impossible to install chipmakers' "generic" drivers. Worse, in the case of Acer, it has not updated any of its graphics drivers in over 15 months even though newer versions of both the Intel and Nvidia graphics drivers are available from the chipmakers' Web sites. The most recent Acer driver for the MX350 was version 442.80, whereas Adobe now requires a driver version in the 460's or higher just to be deemed "compatible."

And since there is no Studio driver at all for any of the GPUs that have less than 128 bits for their memory bandwidth (in fact, your MX350 has only a 64-bit memory bandwidth because it is a gimped GeForce GTX 1050), you'll have to settle for the Game Ready driver.

And for hardware encoding and decoding of H.264 and HEVC material, you will have to use Intel QuickSync with your laptop because the MX350's hardware encoder and decoder are both permanently disabled during chip manufacture. If, however, the Intel integrated GPU is disabled by the laptop manufacturer, you will be stuck with software-only encoding and decoding (do not confuse this with MPE GPU-accelerated rendering - those are completely separate things).