I am not sure PSE is insuffcient - IIRC the real limitation is that it only allows you to work in 8 bit mode for certain tasks. You can certainly experiment with layering, masks, mosaics etc etc. As for useful astro functions neither full PS not PSE has them (eg RGB or LRGB processing, stacking, calibration. deconvolution etc) for that you need another package or packages. You could even consider GIMP as an alternate which is shareware if money is tight.
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