If you have no idea what does 'reset all settings' on iPhone do, you can read following paragraphs to have detail explanations. Does Apple create options that do the same thing? Absolutely not, each item has its specific functions. You may notice that there are some similar items in 'Reset' page under 'Settings' and 'General'. It is 'Erase All Content and Settings' instead of 'Reset All Settings' that wipe out your iOS contents.
This is the question asked in Quora, and the answer is 'No'. 'Will reset all setting in iPhone delete all my apps and contacts?' Does Reset All Settings erase all content on your iPhone? In this post, you will know everything about Reset All Settings and Apeaksoft iPhone Eraser to wipe out all content and settings on iPhone or iPad.