Nobody is holding your feet to the fire. If the Adobe tools don't make you happy, there are a half dozen other choices in the under $100 market that edit video. I've tried a couple of them and found them more trouble and less capable than Premier Elements. If you prefer the "pro" level tools, go for it! I prefer to spend my money on cameras and lenses.
About selecting.....Without splitting anything, you can drag the end points with you mouse and then drag over the clips. There are also work area markers that can be used for output.
You are right that you can't undo a split. You can relocate the end markers of a clip as often as you want.
Most NLE systems, including Premiere Elements are not destructive to original files. They are not cut up into pieces.
The three-point edit you are describing is a professional feature that is not available in Premiere Elements.
It is a feature of Premiere Pro CC, however.
Hours of reading tells me that you can't 'join a cut', undo a cut, you performed a while ago. (Lately in Pro I hear there's a 'rolling split' or something, that can be undone..)
Its called Join Through Edits only in PPro.
not sure OP is describing three point edit.