It's called Ledger Recover functionality, which they announced in 2.2.3 releases, but since the code is closed source and Ledger lied several times, it is not possible to trust the possibility of such a feature being available in older versions or whether Ledger has access to an encrypted copy of the private key.

Not updating the firmware is not a good thing because at some point in the future you will be forced to do so, and so far no loss of any coins has been reported, so thinking about purchasing a new HW may be a suitable option, if you plan to buy Bitcoin only then https://foundationdevices.com/passport/ is a good option and you can make comparisons between HWs using https://thebitcoinhole.com/ or ask here.