IMHO no, during installation Automation Builder 2.2 ask you to remove the previous version.
you could try with a virtual machine, but in my opinion the performance of Automation Builder 2.2 is better and it doesn't seem convenient to me to stick to the previous version. Unless you have a license for version 1.2 and therefore to upgrade to 2.2 you would have to purchase a new one.
Automation Builder has option to install also previous versions. Start AB 2.2 installer and select "Install automation Builder". Accept license terms. Selection page appears. At the lower left corner there is an option to "Install also previous product versions". This will install the latest version of the previous softwares.