Yes, with some caveats: You cannot open PS Touch projects that were exported as PSDX (PS Touch's native file format; Photoshop CS & CC can open them via a file plug-in).
You can, of course, open PS Touch projects that were exported as PSD, JPG, or PNG. Obviously, the best flexible format between PS Touch and PS Elements is PSD. (On Android, when exporting, use "Share" and select, "PSD.") Layers and such will be preserved.
Remember that you can open PSDs up in PS Touch but they will be flattened as a single layer. The only way to go back and forth non-destructively is to use PSDX files.