Interesting theory, do you know what is new on V2.2? It might be worth another play if there's some more content.
Dev at one point said that not much was changed. And so far it does look to be that way. It does now have an added intro and some reworked character portraits (Emma's are different) Granted I haven't gotten far because I'm putting some sentences through DeepL Write and ChatGPT to fix up errors and awkward wording (almost every MTL I Edited looks like shit to me after some time passes). Some things got lightly broken between 2.1 and 2.2 due to changes in menus and stuff. But so far I get a hunch Ch.1 and Ch.2 will be like 95% playable with existing translation file.
EDIT:
After some more exploring of the text here's what I noticed that's different and wasn't in previous Demo.
*Ability to return to areas that you have cleared. (There are extra dialogues with Ondina, Emma and Skia)(May not be in Demo itself for all I know)
*Text of Melan forcing Luna to wear something embarrassing.
*The Hidden Mechant in town now gives you an item that will prevent you from gaining EXP. (Not quite sure if it's on use or equipable)
*Another witch's tea party scene that discusses Risty's(?) defeat. (Character names are RPGmaker codes so I'm not quite sure yet who's speaking)
*Extras menu is now split a little differently and there are new submenus.
*Recollection room now has options to view scenes where Emma and Claire get captured.
*Teaser for next chapter now has a sepia movie filter.
If I spot more I'll mention it.