Erase settings is a useful function when board cannot boot after wrong changes. It allow a full erase and store default settings onboard.
Only supported using bootloaders v4 and above. See last version available in Downloads page
When user ask for Erase, a switch is set on bootloader side and after reboot settings are erased, it can take some time because it depends on CPU and flash memory speed. (Usually less than 30seconds)
All previous settings are lost !.