Premiere Elements does not have a project setting for that resolution. It can edit more standard resolutions like 3840x2160 XAVC and 1920x1080 AVC.
This can be quite frustrating as most action cam footage needs stabilizing.
I'm not a GoPro user so probably don't know what I'm writing about!
That said, I've read that GoPro offers free editing software and it can be used to "pre-process" nonconforming GoPro footage for subsequent editing in software like Premiere Elements.
GoPro Studio does not offer stabilization.
Unfortunately you cannot convert to cineform with a different resolution.
Elements needs some kind of feature where you can set the footage to 100% to the same resolution.
Unfortunately Premiere Elements support standard formats for Shake Stabilization. There is a limitation to it that clip and project setting should match before applying Shake stabilization. So there is a work around for it. You can convert your video to some standard format 1st. then create new project import file and apply shake reduction