When you add these clips to your timeline, is there a yellow-orange "render" line above the first clip on your timeline?
It might also be helpful to know which processor you have and with how much RAM, which operating system and if you've got the latest version of Quicktime, per the program's requirements.
The Render line decided to appear, however the delay still exists, even after rendering.
Processor is an Intel(R) Core(TM) i5-6600k CPU @ 3.50GHz
RAM is 16GB
Operating system is Windows 10
Quicktime is also up to date.
Should I switch the default application for these videos to Quicktime?
I'm not sure what you mean by "the render line decided to appear."
But if you see a yellow-orange render line above the first clip (before you add an effect or transition to it) then this indicates that the program isn't properly setting up to match its project settings to your video specs.
The specs you listed in your initial post don't mention your video's resolution. But assuming it is 1920x1080, go to the Edit menu in Premiere Elements and select Project Settings. On the General page, you will see the project settings. Ideally they should be identical to your video specs.