To downgrade, you need to do a full restore. To move from beta to public release, you don’t - but I personally tend to anyway, just for the clean machine feeling.
Erase All Content and Settings - yes
Restore from Backup - no
Ever since Apple allowed free developer beta access, I just switch between non-beta and Developer beta but continue using the device without performing a full data erase...
Found that out last week when prepping my M2 iPad Pro for trade-in... ended up having to wrestle with 3uTools as well, as the MacBook wasn't on Sequoia!