macOS has never had a downgrade feature.
Your ugly options: Restore your backup from prior to macOS 12.0.1 and revert your system and its contents to prior to the 12.0.1 update, or maybe you can wipe and reload a new macOS 12.0.0 copy of and migrate from 12.0.1, or wipe and reinstall and manually copy over files and data.
Check whether the printer supports AirPrint and switch to that. Failing that, look for the driver directly from HP. Failing that, I'd then replace the printer before ever trying a downgrade. And if I replaced the printer, I'd look for printers with some specific features (including AirPrint) to avoid needing drivers.
This question is also best asked over in the ASC Monterey forum. The developer forums are intended for the third-party app developers that are working on third-party apps. Apps such as printer drivers.