This is a great workaround. Unfortunately, it doesn't work the same way as Photoshop's history snapshots. This feature is still Photoshop-only. As a matter of fact, if you run an action in Elements which involves creating a history snapshot, Elements will let you know that this command is not available.
Just a word of caution . . .
Elements is set up to record 50 steps, and, yes, you can change the History States setting to as high as 1,000 steps. However, unless you have a very powerful processor, lots of memory, and plenty of disk space, making Elements remember just 100 steps may slow down your computer and, consequently, Elements will run slowly.
Elements 7,10,11,12,13,14,15 - Photoshop CC 2017 - Lightroom CC 2015 Windows 7 Pro & Windows 10 Pro