How are you trying to "open" this library? I think we need more detail. For instance, a Photos Library can not be on a disk with Time Machine. When you restore an old Library from Time Machine, do you restore it to the Pictures folder on you internal drive? Or to a different external drive formatted APFS or Mac OS Extended (journal) as Old Toad suggested? Where is this stubborn Library?
When I "open" a different Library, I can double click on it, and then Photos, if it's busy with another Library, asks if I want to switch. I can also open another Library by closing Photos and then option-clicking on the Photos icon. I don't ever use "import," so the "Cannot Import Item." error in confusing.
Photos is a database, kind of like Excel, so when a new version comes out, that database will have more and different columns than the old one, so the old Library won't fit. Photos has to be able to interpret the old one and translate it to the new database. That's why PowerPhotos has to wait for the Library to be rebuilt by Photos.
Is there more detail that you can provide?