2017.R1 is the latest version of the S32 Design Studio for PA. The release notes can be found here: S32 Design Studio for Power Architecture 2017.R1 (Windows/Linux) released!
My personal advice is to use the 2017.R1 since it contains an updated GCC version compared with the older version v1.1
In regards with your main question:
If I use S32R274 , do both of these can be used ?
The answer is Yes - both versions supports the S32R274.
Hope this helps!