Is the jack under load currently? I’ll ask again, Is the jack not lowering under load or while light? Lift arms don’t generally stick in the up position under load unless you have serious binding issues internally or have filled the unit while up and it’s locked up. If the release is operating correctly and knob feedback is transferring to the release, then that would be the first place I would investigate.
Is that even the correct diagram? Looks HWish too me, I’m fairly certain your jack is a single piston/stage, so no speed/pressure valves.
I would not just randomly start opening valves, just asking for problems and losing components.
Outside of that, if investigating the release doesn’t find the culprit. It will require a tear down to make sure it’s not something internal binding up or **** plugging the release port from the inside.