What settings in BLHeli Suite are recommended for Cobra 2206 motors?

I read somewhere:
Demag: Low
Motor Timing: Medium High

is that right?

That's what I was using with those motors. Worked pretty well. Remember when had 2204 1960 on medium high and then switched to medium - immediate difference in motor smoothness - much better on medium

for the 2206 the medium high should work, but there are also people recommend medium, try both anyway see which one works better for you.

From my experience med high was great for 2300 motors. 1960 was running the smoothest on med, 2100 is some what in the middle

I don't have cobras, but other motors in their specs give recommended motor timing and frequency, e.g. scorpion 2205.
From experience of motors of similar performance, for example frequency 8khz, timing 5 degrees that would be the same as to low, medium-low timing in BLhelisuite. So....check your motor spec first