Well... Not really. I mean, I can see how to someone not familiar with computerspeak, content does connote the things you put on the device, but data isn't a more apt term either. The apps and the OS are not data, they are computer programs, and data is either the information you put in, or the results of the programs' processes (like game save states, for instance). So if I see "erase all data and settings" I'd expect it to clear out all settings and data but leave the OS and apps intact. I wish Apple had come up with a wording that clearly indicates this is the equivalent of "reformat hard drive," but can't quite think of a concise way to phrase this myself.