Selecting Reset from the pop-up menu will give you the following options:
Reset flight - When selected, this option:
Resets all timers configured with a persistence setting of Flight to zero.
Resets all discovered telemetry sensor values.
Resets all logical switch states
Triggers the same checks as loading the model - i.e. throttle position, switch state, is failsafe set check, display pre-flight checklist if configured, stuck keys test, etc.
Reset timer 1 / 2 / 3 - Resets only the selected timer to zero regardles of the configured persistence setting.
Reset telemetry - This option resets all discovered telemetry sensor values.