You need to disconnect the power chord too, when you do it, and discharge the electricity by pushing the power button. Then remove the battery, wait 30 secs and reinstall it.
Yes it is, it resets your BIOS to default. It does not cause any damage to hardware if that's what you're wondering. (Assuming you take the necessary precautions when handling any electrical component).
You need to disconnect the power chord too, when you do it, and discharge the electricity by pushing the power button. Then remove the battery, wait 30 secs and reinstall it.