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No. It just resets the mobs and sometimes if you have some kind of glitch, sometimes it unglitches things. Or, if I make a change to a game after release to add something that is not in your memory, then you can see or interact with that.
A good example of that is in testing Caerworn Castle right now, I added an npc to help you figure something out. But the testers who already had been in that area would have to reset their game by sleeping to see her. Mostly it's been helpful for glitches.