Renaming all files/folders in first children folders but not sub-children
You should rethink your solution in terms of regexes:

#!/usr/bin/env python3

import re
from os import scandir, rename, path


def rename_children(parent):
    n_renamed = 0
    re_fname = re.compile('(IMG|PANO|VID)_')

    for child_dir in scandir(parent):
        if child_dir.is_dir():
            for child in scandir(child_dir):
                renamed = re_fname.sub('', child.name)
                if renamed != child.name:
                    new_path = path.join(child_dir.path, renamed)
                    print(f'Renaming {child.path} to {new_path}')
                    rename(child.path, new_path)
                    n_renamed += 1
    print(f'{n_renamed} files renamed')


Note the following changes:


Only one if to check whether the regex matches
Use scandir instead of listdir
Do not call chdir; there's no point
Don't call replace; the pattern check and the replacement operation can be combined by using sub
Don't store a list of all_subfolders; simply iterate over the results