It should be there, "HEVC (H.265)", selectable under format. If it's not there the codec may not be installed on your system. Adobe describes how to check and install it here: https://helpx.adobe.com/in/premiere-elements/using/hevc-decoding-on-windows.html
For the last laptop I bought, it was preinstalled. For my desktop PC I had to manually install it, using the free version. I've never understood the concept behind this codec and it's payment. Right from the start they offered the exact same codec as a free and a paid version. At some time they noticed this and removed the free version from the store search. Somehow it's still there, just hidden.
If you still want the free version, use the direct link:
- open the Edge browser
- input ms-windows-store://pdp/?ProductId=9n4wgh0z6vhq
- Click on Redeem Code and it should eventually install (without any need for a code)
(Source: Reddit, beware, I haven't tested that method, not sure if it works.)
And if it doesn't work, you probably have to buy it.