Yes, I believe that you can create what you show in your attachment using Premiere Elements, depending on the level of your expertise with the program.
Do you have any version of Premiere Elements at the present time? What computer operating system is involved?
I would take a look at Premiere Elements 13/Elements Organizer 13 and the Elements Organizer 13/13.1 Slideshow Builder. Its a new slideshow feature in that version, and you can get 720p and 1080p slideshows as AVCHD.mp4 with 5+ themes to choose from.
Adobe limited themes included in this feature are Classic Black, Array, The Minimalist, Memories, Album, Party Poppers, and Holiday Season. There are opportunities to edit these few themes within the Slideshow Builder, but limited.
You can create the type of effects shown in your example, but you need to know how to use the program and use its offerings to create the overall effect from integrating a variety of effects and keyframing opportunities offered by the program. My first impression is that there are no Elements Organizer 13/13.1 Adobe made slideshow theme files on the hard drive for the user to edit to create what you describe.
Add On...I would need to look into the possibilities, but I am wondering if an Instant Movie theme to create this type of effect might work to keep you from needing non Elements programs (more expensive program)..