Why the error appears
The project was saved with a newer AE version signature or contains chunks your installed version does not understand.
What the converter can do
It detects the source project version and writes a downgraded copy for a selected older target. It does not modify your original upload, because there is no upload.
What still needs checking
After opening the downgraded project, review effects, fonts, footage paths and expressions. Some newer features need replacement or baking before final delivery.