Photoshop Elements 2026 on MacMini M4 encrypted SSD?

Yes (https://helpx.adobe.com/download-install/apps/system-requirements/apps-compatibility-mac-apple-silicon.html).

However, before paying for a new version, you may want to consider a currently free alternative (https://www.affinity.studio/).

Note that Photoshop Elements 2026 has a limitation which Adobe calls a "3-year term license".

"The license enables you to use Photoshop Elements for a full 3-year term. It’s a one-time purchase with no additional fees. The license is non-renewing — it expires 3 years after redemption. When your 3-year term license expires, Photoshop Elements will no longer be accessible. However, you’ll still be able to access your media catalog in the Elements Organizer indefinitely."

Adobe – Photoshop Elements

It used to be the case that once you paid for Photoshop Elements, you could use it indefinitely - or at least, for as long as you were still running a version of macOS with which your version of Photoshop Elements was compatible. Now it stops working after three years, by design, even if it is otherwise still compatible with the version of macOS that you happen to be running.