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After updateing to Windows 10 v2004, Premiere Elements 14 could no longer use Game Bar screen captures in the mp4 format. I downloaded the trial version of Premiere Elements 2020 and it can't either. When the mp4 is brought into the Expert timeline, the bottom half of the video is green and a repeat of the top half. I tried to run it through VLC convert to see if saving it as a mp4 there would help, and it did - except that the audio was slow and by the end of the video it was completely out of sync.
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This sounds like a codec issue. Most likely this can be solved by converting the MP4 to a standard MP4 using Handbrake. Third party screen captures are notorious for using oddball codecs and compression systems to create their movies, and these codecs often do not edit well in Premiere Elements.
To confirm this, open your video in the free download MediaInfo. In MediaInfo, set View to Text and then copy the text of this report and paste it to this forum. Once we see the complete specs of your file we'll better be able to advise you how to proceed.