Got Elements a month ago, had NO issues at all adding and editing the 4k files. Recently imported a batch of about 40 videos and 3 of them gave me this error.
Unable to Import Media Your system needs to be configured to import HEVC or HEIF type of media. Click on 'Learn More' to know how to enable these formats for import.
I followed the instructions and updated the codec, the $.99 one for microsoft. Uninstalled the other HEVC codec as instructed. Deleted the Media common files as instructed. Now no 4k files work. Went back to my original HEVC codec that worked prior, but still can't edit, or see any videos with Premier Elements. Video playback works fine in other applications such as Windows Media Player, GoPro Quik.
I've tried updating everything, Windows, Video Card driver, uninstalling and reinstalling Adobe Elements, Updating PR 2020, and nothing seems to work. This is what I'm running.....
I had a similar issue and was able to fix it. It involves the two Microsoft HEVC codecs conflicting with each other and changing the access permissions for those same codecs. Essentially they become blocked. I'm hoping there will be a repair procedure coming in a few days. In the meantime, try starting a chat session with Adobe. In the Premiere Elements Help menu is a choice for Online Support. It takes you to a web page where there is an icon in the lower right corner to initiate the chat.