An update has recently been issued for version 2024 of Premiere Elements and Photoshop Elements.

This update patches some issues but more importantly it restores a number of effects that were temporarily removed from the program in its initial release. These restored effects includes keying effects, including the garbage mattes, and the very large library of effects presets.

Thanks Steve! I was surprised to see how little there was in this version. I'll definitely update. I guess I should ask, how do I access the update?

I think it's Help > Check for updates.