Resetting your network settings clears out all of your internet, local network, and paired devices' data. A factory reset will delete pretty much everything on your device, reverting it to the state it was in when you unboxed it.
What will reset network settings do?
You should reset your Android's network settings if it's having trouble connecting to Wi-Fi, Bluetooth, or cellular networks. Resetting network settings won't delete any of your apps or personal data, but will erase saved Wi-Fi passwords and Bluetooth connections.
Is it OK to reset network settings on iPhone?
An internet connection is vital to many of the iPhone's features and functions, from sending emails to checking the weather. If you find that your iPhone isn't able to access the internet, even if it looks like it's connected to WiFi or mobile data, a network settings reset may be necessary.