Please look again, you are not reading 1 of 230 video clips. You are more than likely reading "Rendering frame 1 of 230".
Each video clip has a fixed duration, and that clip is composed of frames. Rendering of the Timeline is a feature whose use results in the best possible preview of the Timeline content played back in the Edit Mode Monitor. It does so on a frame to frame to frame... basis. That Rendering frame 1 of 230 will change sequentially 2 of 230, 3 of 230 until it is finished rendering the last frame at 230 of 230. It is indicating what frame it is up to in the frame rendering process.
If you are working in a 30 frames per second Timebase, you can calculate how many frames your video has. Or you can take the easy way out, go to Edit Menu/Project Settings and can the Display format to Frames so that you can readout your Timeline in frames rather than time.
You probably noticed that above "Rendering frame 1 of 230" there is Rendering ___ of ____Video Previews. So, if only one clip is being rendered, then that will read Rendering 1 of 1 Video Previews. If two, then 1 of 2, followed by 2 of 2 when it starts rendering the frames of the second clip next to it.
The duration and the number of frames for that Timebase need to be focused on.
You have 2 different clips on the Timeline side by side. Each has an orange line of its contents implying that you are not getting the best possible preview..
Your rendering dialog progress dialog will show at the start:
- Rendering 1 of 2 Video Previews...and, when rendering of the frames of the first clip are finished, you will see 2 of 2 until the end of the process.
- Rendering frame 1 of 460....it will continue to the end 460 of 460.
Please check it out.
If you need clarification on anything that I have written please do not hesitate to ask.
But remember the answers are in the details which should start with the version of Premiere Elements that you are using and on what computer operating system it is running.