You can forget the embedded jpeg, it's only a small 'preview' for use on your camera and in image viewing programs. It's created by a raw conversion in your camera. Even if some extarnal utilities can extract them, they are not useable for full display or printing.
So, the core of the problem is that there must be a raw conversion to get an image format such as jpeg. Depending on the cameras, the lens corrections can be already 'cooked' in the raw file in some cases. The raw conversion in ACR always takes lens correction into account in Elements, based on the camera profile. So, for Elements users you don't need to bother with those corrections. In Lightroom/Photoshop, there is an option to disable automatic lens correction in the conversion process, provided it is not already cooked in the raw file. That's for advanced users thinking they can do better than the standard correction.
For LR/Photoshop users wanting the same feature in Elements, I recommend the affordable Elements+ add-on which offers scripts to recover advanced ACR tools, See the first part about 'raw corrections'.
With your explanation I have understood the various items about what is present in a RAW file and how it will be processed.
Indeed Elements+ add-on is an option for me.
In addition, and I think that applies to many photographers, is it worth to store the RAW file if the camera is set to RAW+JPEG. Because in my opinion, in most cases the JPEG quality is high (fine) enough.
"In addition, and I think that applies to many photographers, is it worth to store the RAW file if the camera is set to RAW+JPEG. Because in my opinion, in most cases the JPEG quality is high (fine) enough."
My guess is that most photographers start with shooting raw + jpeg, then choose one or the other.
Managing both formats plus the edited versions makes organization more complicated, but you don't lose anything and you can use the jpeg version for comparison with your own conversion. One advantage is that you can show and display your photos immediately. Most of those users don't keep the original jpeg if they edit their own jpeg version.
Many users are very happy with the original jpegs and stop shooting raw + jpeg, that's fine and logical.
The 'pro' or 'advanced' users generally choose a raw only workflow (my choice) but 'bulk' shooters (sports...) shoot jpegs.