In short, The procedure resets the whole X2 interface.
The purpose of the Reset procedure is to align the resources in eNB1 and eNB2 in the event of an abnormal failure. And yes your understanding is right whenever eNB receives the RESET REQ from peer then it delete all the context information related to the eNB if any.
Not clear about second part of your query, are you talking about X2 Setup??