From
Apple’s Website:
Reset All Settings: All settings—including network settings, the keyboard dictionary, the Home Screen layout, location settings, privacy settings, and Apple Pay cards—are removed or reset to their defaults. No data or media are deleted.
What would be better is if the “Reset All Settings” didn’t remove Apple Pay cards and Home Screen layout. I’m referring to the posts above about wanting more customization. The current “Reset All Settings” option is pretty nuclear if you ask me.