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I have a Panasonic FZ1000 that shoots RAW photos in .RW2.
Does Elements 2020 support this format for editing photos and then changing the format to .jpg?
You are talking about the Lumix DMC-FZ1000, right? That camera is supported by Adobe Camera Raw 8.6 and above. Elements 2020 has ACR 12. So, yes, you can edit your .rw2 files and convert them to jpg within Elements.
Yes! I have an FZ80 that saves RAW in RW2 format. They work fine in both the Editor and Organizer.