Just bought PE 2021 and playback was all purple haze - Found this article that suggests updating the device driver and it worked. Was not an easy process but got through it. Here is the article. https://helpx.adobe.com/premiere-pro/kb/green-purple-streaks-premiere-pro.html
You need to unzip the file and then in the upzip folder find igxpin.exe, and follow prompts.
See example in attached file.
Thank you for the linmk, Ed! Unfortunately there aren't any instructions there specific to Premiere Elements.
Fortunately an update to the graphics card driver usually fixes this nad the green lines issue. Most people trust Windows to update their drivers. Go to the AMD, Intel or nVidia sites. Drivers there are issued there at least once a month.
Steve - while there was nothing for Elements, I made an assumption that the device driver update suggested for the other products could work and it did!
"The device driver version that fixes this issue is Intel Driver version 188.8.131.5286. Click here to download the driver version."
Beware that this is an legacy driver from 2018.
Might want to look for a more recent one.
Ann - took your advise and had my laptop "update" the driver and it came back with a 2/2018 driver that returned the purple haze problem. Then replicated my first attempt and the 8/2018 driver eliminates the purple haze so I'm letting sleeping dogs lie.