Delete Local Data
All local storage and session storage data will be deleted. Cookies without a custom set path will be deleted as well. WP cookies are not touched, with Delete Local Data button.
This is a great tool to reset any browser-stored settings that are usually stored in cookies, or lately more often in local storage. For instance, WP Reset stores info about the last tab you had opened in local storage. You can use Chrome debugger, Application tab under Storage to have a look at that data.
The tool does not touch anything on the server-side, everything is done on the client-side.
Deleting all WordPress cookies (including authentication cookies) will delete all WP related cookies, and the user (you) will be logged out on the next page reload.