I recently bought a Panasonic S5. WHen I previously bought a Panasonic G9 I had to update cAdobe Camera Raw to the newest version. It was so frustrating that I just updated to Elements 19. Now I'm faced with the same problem with the S5. I need Adobe Camera raw 13.1. I downloaded it and ran the execute program but Elements still won't open the S5 Raw files. The update says it's complete. What the hell is it updating.
Adobe Photoshop Elements 2019 supports the Camera Raw plug-in up to version 11.4.
The latest version of the Camera Raw plug-in that is supported in the current version of Photoshop Elements (2021) is 13.0. That version of the plug-in supports the Panasonic LUMIX DC-S5 (you don't need version 13.1 which is not available for Elements).
If you are unable or unwilling to upgrade to Photoshop Elements 2021, you can download the Adobe DNG Converter which will convert your raw images into a format that Photoshop Elements 2019 can open: