I booted the installation USB and that worked fine. So I decided to do a fresh install (is much easier than troubleshooting in my experience). My home directory is on another partition so it is a very quick way to fix issues.
However, with the fresh install of i3 the I cannot use onboard sound card. Headphones or external speakers are fine.
Yes, typically it is that easy. Kernel modules can be a complicating factor, for example if you have proprietary drivers that are tied to a specific kernel version you may need to reinstall or downgrade those as well.
Also, if you compile kernel modules (like out-of-tree drivers, for example DKMS packages) you’ll need the matching kernel headers for the downgraded kernel. In that case you can downgrade them together, like this: