Yeah that’s what’s happening. When ‘Revert’ or a firmware upgrade is called ‘jffs2reset’ is run.

If anyone is interested – it calls this here:
https://git.openwrt.org/?p=project/fstools.git;a=blob;f=libfstools/overlay.c;hb=af93f4b8dc32cf1320dfe8f4b93bb3a12606fc33#l38

It just removes the directories from the file table, not even the files themselves - so they would be quite easy to recover if all you did was ‘revert’ and sell the device.

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