Creeping flow of polymeric fluid without inertia exhibits elastic instabilities and elastic turbulence accompanied by drag enhancement due to elastic stress produced by flow-stretched polymers. However, in inertia-dominated flow at high Re and low fluid elasticity El, a reduction in turbulent frictional drag is caused by an intricate competition between inertial and elastic stresses. Here, we explore the effect of inertia on the stability of viscoelastic flow in a broad range of control parameters El and (Re, Wi). We present the stability diagram of observed flow regimes in Wi − Re coordinates and find that instabilities' onsets show unexpectedly non-monotonic dependence on El. Further, three distinct regions in the diagram are identified based on El. Strikingly, for high elasticity fluids we discover a complete relaminarization of flow at Reynolds number of the order of unity, different from a well-known turbulent drag reduction. These counterintuitive effects may be explained by a finite polymer extensibility and a suppression of vorticity at high Wi. Our results call for further theoretical and numerical development to uncover the role of inertial effect on elastic turbulence in a viscoelastic flow.