Do you think it will resolve the issue without losing the keys?
I use the key to encrypt some important information and really hoping to be able to decrypt it.
If there is even a small risk of data loss, I would rather export the key first, decrypt the data and then update the firmware.
In case you created the GPG key to device, you cannot restore a public key from the data that gets exposed by the Nitro key. Unfortunately, the public key gets derived onetime during creation based on the asymmetric secret material that never leaves the token. So a full backup includes the saved public key that gets created together with the private key. Without that, you can still use the GPG key for ssh but not for receiving GPG encrypted messages.