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I know that it can be done in Premiere Pro, but with Premiere Elements is it possible to combine two projects, with the same project settings, into the same timeline?
No.
You can export the timeline and bring it into another project, but you won't be able to change any of the edits.
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No.
You can export the timeline and bring it into another project, but you won't be able to change any of the edits.
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Thank for letting me know. I was aware that I could export the timeline and bring it into another project but that then means it'll be encoded twice in the finished movie (losing quality) and also as you state I won't be able to change any of the edits. What I really want is to be able to maintain the timeline editing. Am I correct in thinking that this is possible in Premiere Pro?
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Yes, you can do that in Premiere Pro. You can also have two projects open at once.
You can also have multiple timelines (sequences) in a single project.