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I have just updated my Premiere Elements 2021. The program fails to upload the video workspace. I am using an M1 Apple iMac and the Monterey OS. The program worked before the latest update.
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Moved from the generic install forum to the specific program forum... Moderator
The M1 is newer than your version of Premiere Elements. Adobe may never have had the chance to test it. After looking it up, it appears Adobe has tested the current version to run on the M1 using something called "Rosetta 2". (I've never owned an apple product so don't know what that is!) To see for yourself, you can download, install and try a free demo. If you buy it, you have a 30 day refund policy if it does not work to your liking.