@Bedrocks 

Hi,
1. The firmware 1.0.6 only has two resolutions(1080P and 360P), and it's normal if you only see the two options on the Tapo app after updating the firmware.

2. If you want to see the video recordings saved to the cloud server, you can watch them on the camera's Live View>Cloud Videos page.
If you want to see the video recordings saved to the SD card, you can watch them on the Playback page. Usually, the Memory page will show the video you record manually or downloaded from the cloud server.

Best Regards.

  @Bedrocks 

Hi,
1. It's not recommended to rollback the firmware, and for the feature request to add the 720P resolution for the Tapo C500, while we don't have any specific details that I can share about if this feature can come to the product or when it might, I'll log the feature request and forward it to the related team to evaluate soon.

2. If you have subscribed to the Tapo Care service and inserted the microSD card into the camera, the camera will save the video recordings both in the cloud server and SD card unless the network connection fails or the SD card is not working fine or is configured not to record.

Best Regards