Yes, boot.bin contains the bootloader and the x-loader and flashes them when executed.
I see that many users are too lazy to follow instructions carefully. I don't like reading long texts and thinking too much either, so I can't blame anyone.
That's why I'm planning to create an utility which will patch boot.bin in a quite complex way, then send it to the device in the pre-boot mode, and then the boot.bin will format NV while preserving some important values (if you know what I mean ) and format the internal flash drive.
All the user data will be lost, but there are no need follow complex instructions.