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PSE does not handle 48 bit RAW as native 48bit. Makes it useless for RAW conversions.
I would use Lightroom or Photoshop
Incorrect - PSE does handle 16-bit/channel raw files and a lot of the editting can be done in 16-bit mode. Some features, such as layers and spot healing, e.g., requires the file to be converted to 8-bit first. So, you do all that you can in 16-bit (levels, highlights/shadows, sharpening, etc.), then convert to 8-bit IF you need those 8-bit features.