pw2 running firmware below version 5.8 could be downgraded, a unique special case.
"factory image" were special kindle model specific firmware images that fell off a truck that had vulnerabilities not present in retail firmware. The last one was for a pw3 running 5.9.6 or lower.
In general, no downgrade without jailbreak or serial port access, which is pretty much gone. The bootloader is locked on the last models with known serial ports and no one has found a serial port on recent models.
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