That is the easiest way to hard reset your phone. But you need to force a backup if you want your latest settings backed up.
When you want to view your backups you do it from a PC at the OneDrive website -
https://onedrive.live.com/
Then you go - Settings > Options > Device settings
Settings is the little cog wheel in the top right of the screen next to the profile picture. Devices settings shows up on the left when you're in the Options section.
Soft reset -> Hold volume down and power button together until the phone vibrates. Phone will restart, no data is lost.