FWIW, Premiere Elements makes very little to no use of graphics acceleration for playing and rendering video.
There is a check box at Edit > Preferences > General. It is near the bottom where several check boxes are listed.
As Steve says, it does not seem to do much. I have a Intel CPU and an nVidia card. I don't feel much difference with it checked on or off.
I once tried another video editor from Sony because it advertised use of the graphics accelerator. I was surprised it was not any faster than Premier Elements. If rendering speed is a primary consideration, I don't know how you would pick a product. Reviews that cover the half dozen under $100 video editor programs never seem to be researched very well.