Dont worry if u recorded timelapse in 720p , i would do the same however now i have tips how to get into menu in Hyperlapse ,here you are , step by step :
1)turn on app
2)quick touch screen several times with your four fingers
3)then the menu will be opened
4) u can change there resolution , speed and frames
5) enjoy it
Soja95 about Hyperlapse from Instagram, v1.1.3