Yes. Lost World only applies a targeting restriction to the opponent if they control a token, doesn't have to be the Jurraegg token that Lost World itself creates, any token monster will do. If they do control a token, then they can only target token monsters. But if they do not control any token monsters, they can target non-tokens as normal.
However we also need to take into account that Dark Renewal is used when the opponent Normal or Special summons a monster, which they can trigger Lost World's token-summoning effect from.
The opponent Normal Summons a Dinosaur-type monster. If the opponent wants to trigger Lost World and have it summon a token to your side of the field, this is the first thing he has to decide. If he wants to trigger it, then the token summoning effect will go on the chain as Chain Link 1. You will chain Dark Renewal to this as Chain Link 2. Dark Renewal will resolve first and carry out its effect fully. Then Lost World's trigger will resolve and summon the Juraegg Token to your side of the field. You're now restricted from targeting non-token monsters, but Dark Renewal already fully resolved so it can't interfere with that.