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The orbit interpolation degree should only be changed for Sentinel 1 data if you experience severe coregistration errors, e.g. ramps in the interferogram, like here: Problem with Using ALOS Data
Anyway, the difference between precise and restituted orbits seems to be the accuracy. It should be +/- 5 cm. for precise and +/- 10 cm. for restituted (see S-1 product performance p.9)