That GoPro-like device description is holding back from giving you a Yes answer to your question.
The answers are in the details. So...
Do you currently have Premiere Elements 12? What computer operating system?
What is this GoPro-like device? What are the properties of the video that it is recording, besides file extension .mp4?
What type of export are you do you want to produce?
Let us start here and then plan strategy according to the details....video compression, audio compression, frame size, frame rate, etc properties can vary from manufacturer to manufacturer.