Can I restore my iPhone to factory settings after encountering error 1034?

Yes, you can attempt to restore your iPhone to factory settings. However, this will erase all data on your device. You can usually restore via iTunes or Finder on a computer, or through iCloud if you have a backup. Before restoring, ensure you have a recent backup if possible, as restoring without a backup will result in data loss. This is a drastic measure but may resolve the hardware issue.