Hoping to add to Steve's, John's and Ann's comments, I've had no trouble with H.265 footage from a few different cameras and two different Windows computers. Premiere Elements does not come with the H.265 codec. You have to buy it for $.99 from Microsoft.
I've not tried C-Log. Instead, I've tried S-Log (Sony) and D-Log (DJI). The normal workflow for log is to apply a "LUT" to bring viewing to "Rec 709" normal. Premiere Elements does not have a tool for LUTS so you can't do that. However, I've used "Auto Color" on D-Log footage and there can be an improvement.
That said, if your plan is to use nothing but Log footage, Premiere Elements will be a disappointment.
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