This button only resets the current state of the device, it does not perform a factory reset of system. It is not Android
It could only help after being stucked after using, i.e., incorrect settings, incorrect MioPocket script, not after messing with the system.

From 20 years of experience - no one has ever recovered a device after messing with the WinCE system. Always had to flash the firmware
Who knows, maybe he will be the first