Hi, @Sai Theja Welcome to the Microsoft Q&A forum, and thanks for reaching out.
There shouldn't be any issue in changing the Service tier, regarding the restoration retention will be 35 days from the point of creation of DB in Hyperscale, How did you restore from the portal? please share more details. also please try from the CLI.
please refer to this document for more information on PIT restore.
Regards
Geetha