That would be absolutely a negative. Pressing the reset button is akin to pressing the reset button on your computer. It terminates all currently running processes and initiates the boot process.
However, there is a much simpler way of reverting the eeprom to defaults than the process mentioned.
instead of flashing rover, booting, then flashing hex, simply flash hex using mission planner. after it boots, reconnect using mission planner, click config/tuning, then click 'Planner', near the bottom check that Layout is set to 'advanced', if it is not then change it, and click config/tuning again to refresh the display.
Click on 'Full parameter list' or 'Full parameter tree'.
*IF you want to see what, if anything, was changed, click on 'save to file' on the far right, give it an obvious filename, click save and add an obvious comment to the frame description that identifies this as a possibly bad set of values. ( Something like 'Hex settings before reverting to defaults' )
Scroll down to SYSID_SW_MREV. Click on the number in the column labeled value, press 0 (number zero) then press enter. The value cell should highlight with a green background, letting you know that you have changed it, and that what you entered is valid. Now click on 'write params' on the right side below save to file.
The green background should now go back to clear.
Now reboot your board, you can either unplug for a moment and plug it back in, or you can go to flight data, and on the actions tab choose 'preflight_reboot_shutdown' from the first dropdown and click 'do action'.
The board will play some different tones during the reboot to let you know that it's reset the eeprom values.
You should now continue with doing the initial setup of your copter, either by using the wizard or manually following the instructions above. personally I would recommend using the wizard, there are a few things it does that can be rather difficult to figure out how to do, particularly for a new user to ardupilot.
I would like to elaborate a bit on one step you absolutely should do unless you are using dji esc's(or know absolutely that the esc's can't be calibrated), The process should be done after all the items on the following list have been completed.
1) set frame type
2) radio calibration
3) If your copter does not have a safety switch, check the parameter list for BRD_SAFETYENABLE and if present, set it to 0 to disable it. (If that parameter doesn't exist, then ignore any further instructions relating specifically to the safety switch.)
If you are in the wizard, you can hit the x to close it(you can get back to where you were in it by clicking next without doing what is shown on each page). You will need to have your controller, copter, and a battery, charge state isn't critical aside from it not being fully discharged.
1) remove all props, disconnect apm from your computer, disconnect the battery, and turn ON your controller.
2) move the throttle stick to 100%
3) connect the battery to your copter, the light sequence will look normal at first, but should go to a red/blue flashing after a few tones are played.
4) Once the tones stop and the led is blinking red/blue, disconnect the battery from your copter.
5) Throttle stick should still be at 100%! If you touched it, go back to step 1 and start over....
6) reconnect the battery to your copter, *If you have a safety switch, immediately hold it down to enable the motors.
7) The exact details here can vary, but you should initially get the arm tone from your motors, followed by at least one more tone ( some esc's will play the arm tone, then wait for 3-5 seconds before playing a different tone, others will move directly into the calibration. cheap chinese ones will beep once, then twice, then three times, with a few seconds between each set)
8) after the tone plays, move the throttle stick down to 0%, you should immediately hear some kind of feedback tone from the motors, followed by the normal armed done.
9) Assuming that your copter HAS NO PROPS ON IT, hold onto it and give the throttle stick a small burp, the motors should all spin up and rotate in proportion to the throttle position.
10) once you have checked that they spin up, set the throttle stick back at 0% and unplug the battery.
11) you can now proceed with the wizard, or manual setup.
*To check if any values were out of whack, AFTER you have finished all of the setup steps, go back to the fill parameter list, click refresh params, then click compare params and select the previously saved file. It will then present you with a list of what parameters are different from when you saved the file. You should cancel out of this box after reviewing it, or if desired you can accept or refuse individual differences by turning the check boxes on/off. any line with the box checked, will get adjusted when you click accept, and any line with the box NOT checked will simply get discarded.
If you accept any of the values, you will have to click 'write params' to save them to your copter.
Next step would be to reconnect the battery and your computer (either via usb or using a telemetry radio) and try to arm it(without any props) and check the 'flight data' screen for any error message.
Hopefully this has been thorough enough to get you fixed up.