Firmware versions provide downgrade capabilities. But there are limitations.
Any existing configuration is lost in a firmware downgrade. In addition the configuration from the higher firmware version cannot be imported to the SMA running the earlier firmware version, after the downgrade.
12.1.0 supports a downgrade to 11.4.0
Note: 11.4.0 is past its Support Discontinued Date at the End of Support (EOS) . See https://www.sonicwall.com/support/product-lifecycle-tables/sonicwall-secure-mobile-access/software/
12.3.0 supports a downgrade to 12.1.0
12.4.0 when released will support a downgrade to 12.3.0 or 12.1.0.
In no case should an unsupported downgrade be attempted. In particular downgrading to 12.2.0 is not supported. If a downgrade to 12.2.0 is done the SMA will be damaged.
See also: https://www.sonicwall.com/en-us/support/knowledge-base/170502558229507
The reason for this capability to downgrade is to accommodate customers who are running supported firmware, but receive either an additional new SMA or an RMA that might contain a newer firmware version than they have approved for use.
See the KB for firmware downgrade procedures.
https://www.sonicwall.com/en-us/support/knowledge-base/170502558229507