Correct, if you do not have a backup of the older version, you are toast.It does not work. I have tried it. It's part of the infrastructure that Apple used to ensure you don't share purchased programs.
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I just tried my P3P at my marina in the lounge, it is located within the 30NM of the Reichstag and....
On the update Go App and Firmware the motors start! Of course I did not fly, legally I cannot fly, not until these lawsuits win but that is another thread.
I will fly up at Fort Armistead and over at Brookbay park today.
Note - no issue with the P2V+ either. Did not expect any.