The iOS 8.1.2 level is compatible with the iPhone 4s camera. If you are having problems it is probably due to another cause. Note that you cannot downgrade iOS levels but this wouldn't help anyway.
Try the following troubleshooting steps in order.
Restart: Press On/Off button until the Slide to Power Off slider appears, select Slide to Power Off and, after It shuts down, press the On/Off button until the Apple logo appears.
Reset: Press the Home and On/Off buttons at the same time and hold them until the Apple logo appears (about 10-15 seconds). No data will be lost.
Restore: Connect your device to iTunes on your computer, backup, and then select Restore to Factory.
See here: Use iTunes to restore your iOS device to factory settings - Apple Support
If none of these work your device may have developed a hardware problem. Contact Apple Support: http://www.apple.com/contact/