I successfully restored my Jolla 1 in recovery mode 
Thanks everyone!
The reason why I didnāt want to proceed is this hysterical youtube video.
Of course I understood that nothing wrong should happen as long as I know my password / have no password at all, still I asked the community just in case.
Answering my original question, I found that SFOS 2.2 performs much better than 3.4 (in terms ofā¦ umā¦ overall perceptible smoothness. Yes, this is very subjective), so I glad that I can choose.
I also couldnāt activate developer mode on SFOS 2.2 (stuck on āmaking preparationsā screen), so I did a reset again and activated developer mode on SFOS 2.0, then updated the device. It is crucial to have Terminal, considering that old version of Storeman is no longer able to connect to openrepos.net