No, even if you reset with a hard reset it doesn't remove the latest software; with a hard reset if you didn't save your waypoints they will be lost. Another reset (the one that being showed in the video) is a soft reset; with that one you don't loose anything.
A good habit if you need to do a hard reset is to save your settings with the waypoints so once the reset is finish you import your waypoints and settings so you don't need to reset all the features.