Hi Sandconp!
Tried to develop your Fits File of M51
http://www.werbeagentur.org/oldwexi/M51.jpgWith Annotation:
http://www.werbeagentur.org/oldwexi/M51_Annotated.jpgPNG does not have the possible Dynamic Range of FITS and XISF.
So there is no discussion using Fits file or not. Only FITS and XISF gets you better results.
Generally the image processing of Deep (and Bright) Sky objects like M51 needs
a larger number of images, needs Dark and Flat Calibration images,
needs calibration, special stacking features within PI to increase the dynamic range of the image.
etc... etc..
Finally to compare Photoshop Elements and PixInsight in terms of Image Processing of
astronomical images is an insult for PI!!!
And your capture program has saved the Fits image in 16-Bit signed integer, what means you lost,
because of wrong saving, already half of the dynamic. Single images can be save with 16-Bit UNSIGNED,
stacked images need to be saved with 32-Bit floating to keep the fine details.
Gerald